The Unified Payments Interface (UPI) feature will soon be available in WhatsApp as it has appeared in the latest beta version update of the app. This feature will facilitate instant money transfer for users of the app.
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According to a report by WABetainfo, the Facebook-owned messaging app will soon enable users for bank-to-bank transfers.
UPI was launched by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI).
“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 UPI system was launched in August 2016, partnering with 21 banks and it saw close to 1 million transactions by the end of the month.
In July, the NCPI announced that UPI transactions had crossed the 10 million mark and is supported by 50 banks nationwide. Out of these, 22 percent transactions were merchant-based, indicating a growth in that area too.