The Facebook-owned company said WhatsApp 'Payments' feature is now available to users across the country. There are currently up to 20 million WhatsApp payment users with support from banking partners like State Bank of India, HDFC, ICICI and Axis Bank.
The report noted the development in the latest 184.108.40.206 beta version of WhatsApp.
WhatsApp is set to enter the insurance business in India! The Company today said that it expects to facilitate the purchase of “affordable sachet-sized” health insurance through its platform by the end of the year as part of its efforts to provide users in India with greater access to financial solutions.
The Facebook-owned company said WhatsApp ‘Payments’ feature is now available to users across the country. There are currently up to 20 million WhatsApp payment users with support from banking partners like State Bank of India, HDFC, ICICI and Axis Bank.
“WhatsApp is deeply committed to India with over 400 million active users, this is our largest market. Our primary focus will always be to provide the most simple, reliable, private and secure experience for people to connect with each other. However, in India we are also building on four other pillars,” WhatsApp India Head Abhijit Bose was quoted by PTI as saying at the Facebook Fuel for India 2020 event.
Bose further said that WhatsApp wants to help further digitise and scale the small business ecosystem of India, make it easier for consumers to connect with and buy from their favourite businesses, and build digital payments across all segments, especially for underserved users in India.
WhatsApp said in a statement that by the end of this year, buying affordable health insurance coverage from SBI General leveraging WhatsApp, will become a reality.
Also, with HDFC Pensions and pinBox solutions, WhatsApp platform will be leveraged to help enable savings for retirement that will be especially beneficial for people who do not have organised employment benefits or a retirement corpus to fall back on, it added.
WhatsApp has designed its payments feature on National Payments Corporation of India’s (NPCI) Unified Payment Interface (UPI) system. The company was granted approvals to go live recently in November this year on a peer-to-peer (P2P) basis, enabling people to transfer money.
“We have been approved to launch payment services using UPI, which is truly a revolutionary platform from India, which I believe will become a template for the world,” Bose said.