Testing of the Unified Payments Interface (UPI) payment service, the US technology giant Google has completed and has awaiting RBI approval to roll out its services in the country. On Monday, the National Payments Corporation of India CEO AP Hota has disclosed.
WhatsApp provides a precious service with more than 1 billion monthly users to people all over the world, keeping them in touch with friends and family.
With NPCI regarding the launch of their UPI payment services the Facebook and WhatsApp, both are in discussion in the country. For all retail payments system in India, NPCI has the umbrella organization.
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. Very soon these three will also get operational.”
He also said that first, the Quite likely Google would come as their testing is larger or less complete… We have written to RBI trying its approval just two or three days back.
It requires a series of discussions as far as WhatsApp is concerned discussions. He also added that the debates are the preliminary stage for Facebook.
Google has expected to have a separate app:
While with its Android Pay application Google has supposed to have a separate app, Facebook and WhatsApp has scheduled to integrate with their instant messaging. Hota had said that the companies have in discussion with various banks regarding the partnership for roll out after RBI approval by speaking at a knowledge session on Digital payments in India.
Each of the banks in the UPI can have their application; he said that fifty banks are segments of UPI and out of them. Thirty-Seven banks have developed their own UPI applications.
Some of the banks asked their third party service providers instead of applying to develop the app and earn their bank as the acquiring bank. Including Truecaller, Phone, and Chiller, there are 16 such big fin-tech companies.
Facebook and WhatsApp are the large players…. Technically it is available, but RBI would have to take a holistic look. Is there any risks, they have to look other than the technology thing.
Over Indian banks, expressing disappointment and not showing interest towards the opportunity present before them. “If your banks bring all their might, there is no need for such players, but our banks do not take the interest,” Hota had stated.