No payment might be charged when sending cash through WhatsApp, stated Fb CEO Mark Zuckerberg on Thursday following the nod by the Nationwide Funds Company of India (NPCI) for WhatsApp to go stay on UPI within the multi-bank mannequin.
Talking by way of a video assertion, Mark Zuckerberg stated that will probably be supported by greater than 140 banks.
“Now you may ship cash to your family and friends by way of WhatsApp as simply as sending a message. There isn’t any payment, and it is supported by greater than 140 banks. And since it is WhatsApp, it is safe and personal too,” he stated.
He additional stated that the funds might be obtainable in 10 Indian regional language variations of WhatsApp.
“All you want is a debit card with a financial institution that helps UPI and you may set it up right away. You will discover it within the newest model of WhatsApp,” he stated.
“We have been engaged on this with the Nationwide Funds Company of India, who oversee all the things to ensure it is safe and dependable. And we have constructed it utilizing India”s Unified Funds Interface, which makes it simple for anybody to immediately settle for funds throughout completely different apps — and for firms to offer folks with nice providers,” he added.
“When folks can entry monetary instruments, they’re extra empowered to assist themselves and others or begin a enterprise. Long run, we’d like extra innovation that offers folks management over their cash, and making funds simpler is a small step that may actually assist,” he stated whereas including that India is the primary nation to do something like this.
On November 5, the NPCI had acknowledged that WhatsApp can develop its UPI person base in a graded method beginning with a most registered person base of 20 million in UPI.
NPCI was integrated in 2008 as an umbrella organisation for working retail cost and settlement methods in India.