Google, Facebook, WhatsApp and Amazon to support UPI-based Payments

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Google, Facebook, WhatsApp and Amazon to support UPI-based Payments

Global companies like Uber and Google are also planning to implement UPI on their platforms. In the next phase, it will have a wallet integrated into the Uber app. Ola, Uber's local rival, has already integrated UPI into Ola Money, its mobile wallet to pay drivers.

While Google is developing an India-specific app for UPI-enabled transactions, according to Hota, Uber, on the other hand, wants to allow its users to pay drivers using their choice of UPI-linked accounts. UPI payments are extremely beneficial because they're P2P and do not require a digital wallet.

According to a report by The Economics Times, can aggregator, Uber, is expected to launch UPI through the integration with Bharat Interface for Money (BHIM) app in a few weeks.

WhatsApp has reportedly been in talks for a while with banks including Axis Bank, ICICI Bank, and Punjab National Bank, and the approval for multi-bank partnership puts its payment business ambitions on the fast track. Google and apps such as WhatsApp and Facebook will have a pervasive presence in India. Instead of having a separate app for different banks, UPI combines several banking features into one and enables seamless fund transfers, merchant payments, peer-to-peer collection requests and much more. "Technically it is feasible, but RBI would have to take a holistic look. they will have to look whether there are any risks other than the technology aspect", he added. Earlier in April 2017, a report from The Ken had claimed that WhatsApp might be working on launching mobile payments within the next six months.

After demonetization a year ago, online payment apps have witnessed a humungous amount of transactions which resulted in the rise of UPI platforms.

An Uber spokesperson told Inc42, "We are now evaluating the possibilities around a comprehensive UPI integration and continuing to engage with the relevant stakeholders. Truecaller, PhonePe, Chiller- there are sixteen such big fin-tech companies", he added. "UPI is the future of Indian payments and we are proud to be a partner in this monumental mission of the government to facilitate a digital payments led society", a spokesperson for Uber told Mint. The app is available on both Android and iOS.

Hota had said to the Journalists that "WhatsApp, Facebook, and Google are on the way, they are on the Job, and the discussions are on". This year, it is aiming to contribute about 11 Bn digital transactions.

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