Make instant money transfer through WhatsApp
A Unified Payment Interface (UPI) is a single window mobile payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform.
What is Monthly Active Users?
Monthly Active Users (MAU) is one of the ways to measure the success rate of online social games, social networking services and, increasingly mobile apps. Typically, metrics are measured by counting the number of unquie users during a specific measurement period, such as within the previous 30 days.
National Payments Corporation of India (NPCI) is the umbrella organization for all retail payment systems in India, which aims to allow all Indian citizens to have unrestricted access to e-payment services. NPCI work of developing UPI aims to move India to a cashless society with only digital transactions.
Soon, you will be able to make instant money transfer through WhatsApp
Whatsapp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, shows a new Beta update by the Facebook-owned mobile messaging platform. WhatsApp was finally giving shape to its plans towards bank-to-bank transfer using the UPI system.
Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform. With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.
WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI. Some mobile messaging platforms already support UPI-based payment service such as
- Hike Messenger
The NPCI announced in July that UPI has crossed the 10 million transaction mark 2017, registering a 10-fold increase in 11 months from one million UPI transactions in 2016.
“Transactions on UPI are growing exponentially due to increased acceptance among member-banks, merchants and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor,” NPCI Managing Director and CEO A.P. Hota had said.
The volume of UPI transactions was at 10.35 million in June, up from 9.36 million in May and 7.20 million in April. The UPI transaction system was launched in August 2016 with 21 banks and was now offered by around 50 banks. Hota said around 22 per cent transactions are merchant-based which is also growing rapidly.