WhatsApp, Facebook & Android Pay, likely to integrate with UPI & BHIM
Bangalore, July 11 2017: Six months after the Indian government launched a slew of e-payment tools and linked them to Unified Payments Interface (UPI) which brings multiple banks to a single mobile application, Internet and social media biggies like Google ( Android), Facebook,Uber and WhatsApp look set to check in.
Google has almost completed testing the interfaces of its e-payments tool, AndroidPay with UPI and is awaiting a green signal from the Reserve Bank of India to complete the integration. Both WhatsApp and Facebook are in discussion with the nodal agency for retail payments -- the National Payments Corporation of India (NPCI) -- to integrate their respective chat messengers with UPI. WhatsApp is said to be planning to partner with ICICI Bank and Axis Bank for its UPI extension. Axis Bank is also the likely partner of American payment platform, Stripe to offer international payments to Indian customers, harnessing Blockchain technology.
While Indian cab integrator Ola is already on the national payments platform, the Indian end of global player, Uber is also known to be working to integrate and for starters will facilitate customers to use their UPI handles to pay for cab rides. And while Indian web retailer Flipkart already accepts payments through UPI apps like BHIM, Amazon is also reportedly in a testing phase.
NPCI Managing Director and CEO, A.P. Hota, briefed media in Bangalore yesterday, about these developments, which are set to explode the use of this Made-in-India-for-India e-payments platform and make this possibly a global leader in cashless consumer money transactions.
UPI has crossed 1 crore transactions valuing Rs. 3,000 crore, Mr Hota added. RuPay the NPCI-run debit and credit card platform has seen monthly transaction volumes at Points of Sale (POS) and e-commerce sites touching 4 crore with a money value of around Rs. 5,000 crore during the first three months of this fiscal year ( April - June) 2017. NPCI’s Aadhaar Enabled Payment System (AePS) using the BHIM tool saw monthly volumes of 5 crore, 6 crore and 7 crore during April, May and June 2017.
“The nation has set us a target of achieving 25 billion digital payments transactions mark in 2017-18," Mr Hota said.