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Axis Bank to process payments over 'WhatsApp'.

Bengaluru: Axis Bank has said it would soon be able to process payments over the popular chatting application 'WhatsApp'.

Axis Bank is India's third largest private sector bank. When the practical application of this service kicks off, the bank will become one of the first in the country to begin full processing of payments through UPI-based Whatsapp Payments. The Whatsapp Payments feature will allow the instant messaging app users to send and receive money from within the app, similar to that of Paytm, Mobikwik and other payments services.

A bank official said, "...WhatsApp is currently running the beta version, the full version should...We are hoping is, will come with in the next month or two." The bank also termed the Unified Payment Interface (UPI) as a "huge oppertunity". "UPI we are the market leaders in terms of innovation, and we do believe that UPI is a huge opportunity. We are working in terms of creating a differentiated environment for our customers," Axis Bank Executive Director -Retail Banking, Rajiv Anand said.

He said, "We are also working with partners like Google, WhatsApp, Uber, Ola and Samsung pay to be able to create the ecosystem for customers to be able to make payments." According to Bank officials, Axis Bank enjoys 20 percent market share in the UPI space.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 18, 2018
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