WhatsApp has rolled out its payment services after joining hands with India’s leading banks such as SBI, HDFC Bank, ICICI Bank, and Axis Bank. It is expected that the largest messaging app will bring the benefits of India’s digital economy and financial inclusion to a large number of users who were deprived of full access before. In a conversation with RIL Chairman Mukesh Ambani, Facebook co-founder, and CEO Mark Zuckerberg said that WhatsApp payments was launched in India last month, which makes sending money to friends and family through WhatsApp, as easy as sending a message. That was possible because of the UPI system that has been built in India, he added.
In the Fuel for India 2020 event, Mark Zuckerberg further said that his company is working with 140 banks or it is supported by 140 banks and India is the first country in the world to do anything like this. “So, we’re grateful to be able to support this kind of innovation and to help to work, to create more prosperity, and help achieve a more Digital India,” Zuckerberg said.
In the same event, Mukesh Ambani said that while Jio brings digital connectivity, WhatsApp now with WhatsApp Pay brings digital interactivity, and the ability to move to close transactions and create value. Zuckerberg added that with communities around the world now in lockdown, there are a lot of entrepreneurs who need digital tools that they can rely on to find and communicate with customers and grow their businesses. Consequently, he hailed the partnership with Jio saying that this is just something that the partnership can help.
Meanwhile, in regards to the affluent internet connectivity, the Facebook chief highlighted what would have happened if the pandemic had hit a decade earlier when the internet connectivity was still nascent. To bring digital payments to people across segments and especially to the underserved users in India, WhatsApp will continue to support the Government’s efforts to drive financial inclusion with the Unified Payments Interface (UPI), a template that is ripe for global adoption, said a statement by WhatsApp.
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