Axis Bank to integrate WhatsApp's UPI-based payment feature soon

Axis Bank to integrate WhatsApp's UPI-based payment feature soon

Mumbai-based private lender Axis Bank is all set to partner with popular messaging application WhatsApp to process payments.

WhatsApp owned by Facebook entered the digital payments market segment in February with the launch of the Payments feature.

Axis Bank's executive director for retail banking, Rajiv Anand, said that the Unified Payments Interface (UPI) system holds a huge opportunity for the banking sector.Axis Bank is not alone in getting on board Whatsapp Payments. "We are working in terms of creating a differentiated environment for our customers". "But, the full version... we are hoping. will come within the next month or two", Anand noted, adding that the bank was also working with other partners like Google, Uber, Ola and Samsung Pay to create a payments ecosystem for customers.

"App is now running the beta version, the full version should.We are hoping is, will come with in the next month or two", a bank official said.

"We are in the process of integration for Whatsapp".

According to Bank officials, Axis Bank enjoys 20 per cent market share in the UPI space.

The new feature can be accessed by going into the WhatsApp app Settings Payments Send Payment Send to UPI ID (on top of the contacts list). Now, users are reporting a "more visible" placement of the Send to UPI ID feature that allows users to directly send across payments to unique UPI IDs without going into conversation threads. Previously, users would first have to try to sending a payment via a conversation thread, using the Attach or Plus button, and if the recipient didn't have an associated payment account (or used a different phone number than they use for WhatsApp), the sender would then be shown the option to send it to a UPI ID directly.

The terms and conditions said that WhatsApp is not a licensed financial institution, do not receive, transfer, or store any funds in connection with Payments, and are not responsible for UPI service interruptions or acts or omissions of PSPs or your bank including the payment, settlement, and clearance of funds.

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