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Related Special Reports
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...Shoppers from Wednesday will be able to buy products and services from businesses using credit and debit cards, WhatsApp Pay and India’s public digital payments network UPI, the company said....
...As UPI and digital banking has grown, so has cyber fraud....
...Some critics are sceptical about India’s claims to be crafting a new model for digital business, however....
...The Jio Bharat will be assembled in India and will have Reliance’s own video and music streaming apps, JioCinema and JioSaavn, digital payment capability with India’s UPI network, and a camera....
...They point to the success of mobile payments network UPI, developed in 2016, as a blueprint....
...Emerging powers have also been quick off the mark with digital payments systems, such as WeChat Pay in China, India’s Unified Payments Interface (UPI), Pix in Brazil or Kenya’s mobile money service M-Pesa...
...This includes the country’s 13-year-old digital ID scheme Aadhaar, which is linked to an individual’s biometrics, as well as schemes such as UPI, which was launched in 2016....
...But as chief executive Brian Armstrong told analysts last week, the UPI party was over almost as soon as it began....
...UPI is super cheap and extremely popular — within three years of launch it was responsible for a quarter of all digital payments in the country....
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...The volume of UPI transactions grew to 2.8bn in June, up from 1.3bn a year earlier....
...UPI now accounts for the majority of online payments, and transactions surpassed Rs5tn in March, more than double the figure of a year ago, according to the National Payments Corporation of India, which...
...Google also said the UPI system has interoperability requirements that let rival apps connect to Google Pay, meaning that they can also be used to make purchases in the Play store....
...They argue UPI is more sophisticated than similar systems in richer countries....
...Facebook is trying to facilitate more shopping on its apps, allowing it to harness new data around user spending patterns and boosting its ability to target advertising....
...If WhatsApp were to become a paid-for service, what would stop its users churning back to vanilla texting instead, particularly now that others have added new features to their offerings?...
...Like its competitors, WhatsApp Pay is running on the Unified Payments Interface (UPI), a system developed and run by the government that facilitates instant interbank transactions....
...After doubling in 12 months, UPI transactions fell to under 1bn in April from over 1.3bn in February....
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