BHIM UPI 2.0 was unveiled by the National Payments Corporation of India (NPCI) in Mumbai today.
RBI Governor Urjit Patel unveils UPI 2.0 version; will allow customers to use overdraft limit for making payments to merchants
The second version of the Unified Payments Interface (UPI) will also enable customers to check the invoice sent by merchant prior to making payment
Although the decision on the pilot project has been taken, it will take some time for implementation as software for the purpose will have to be developed and the states will have to decide on it before the benefit reaches the people.
WhatsApp had stated that sensitive user data such as the last 6 digits of a debit card and UPI PIN is not stored at all.
We expect that this is a staggered rollout that will arrive to more users over the next few weeks.
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According to government sources, the Ministry of Electronics and IT has written to National Payment Corporation of India to verify compliance around WhatsApp payment and check if WhatsApp is sharing data with its parent firm Facebook.
WhatsApp Payments expected to roll out out next week: Here's all you need to know about the peer-to-peer payments feature and how it works
Waiting for its partners to have necessary systems in place, WhatsApp in February released its payments system in a Beta update to check its stability.
WhatsApp who have had the feature ready for a while now has been waiting for its partners ICICI, HDFC, Axis Bank and the SBI to begin a widespread rollout.
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Paytm is aiming to process Rs 60,000 crore in monthly bank transfers alone by the end of this year.
With native payments, it looks like Mark Zuckerberg wants to make Instagram an e-commerce platform as well
From being labelled as ‘Snapchat copycats’ after ripping off the app’s Stories feature in 2016, Instagram has left Snapchat trailing by a massive margin.
"There are currently no tests planned for recharges or peer-to-peer payments on Messenger in India," the sources told IANS.
Facebook begins beta testing a prepaid recharge feature on Messenger as it prepares to enter the payments market in India
What Facebook is attempting to achieve here is to allow users to be able to buy and sell products or services without having to leave its app ecosystem.
WhatsApp's UPI based P2P payments feature will give greater momentum to the digital payments revolution
By going the UPI route, WhatsApp will seemingly avoid the regulatory hassles involved with setting up a payments bank or digital wallet.
Circular sent by NPCI stated a deadline for all UPI apps to comply post which it has the "right to decline the transactions for such non-compliant apps.”
WhatsApp Payment feature can disrupt mobile payments space but it still needs to address some issues
WhatsApp will have to acquire merchants which is not only a considerable task but a different ball game altogether.
Axis Bank to process payments over WhatsApp in two month's time; over 66% transactions made digitally
Axis Bank is working with Google, WhatsApp, Uber, Ola and Samsung pay to be able to create the ecosystem for customers to be able to make payments
Out of 1500+ banks in India (including small co-operative banks), only 127 banks’ customers are doing mobile transactions while the remaining banks simply don’t offer customers a mobile-based payment system.
Tez is built on the Unified Payments Interface, allowing users make payments from their bank accounts to other accounts from over 70 UPI-enabled banks.