Google awaits RBI nod for UPI service

Tags: News
Technology giant Google has completed the testing of its Unified Payments Interface (UPI) payment service and awaiting the Reserve Bank of India’s approval to launch its service in the country, the National Payments Corporation of India (NPCI) said on Monday.

The umbrella organisation for all retail payments system in India also said, Facebook and Whatsapp too were in discussion with it regarding rolling out of their UPI payment services.

“Whatsapp, Facebook and Google are on the way, they are on the job, and discussions are on. Very soon these three will get operational,” AP Hota, CEO and managing director of NPCI, told reporters here. “Quite likely Google would come first, because their testing is more or less complete. We have written to RBI seeking approval just two or three days back,” he said.

“As far as Whatsapp is concerned, discussions have commenced, it requires a series of discussions. For Facebook, discussions are in preliminary stage,” he added.

Officials said while Google could have a separate app with its Android Pay application, the other two will integrate with their instant messaging – Facebook messenger and WhatsApp.

Speaking at the knowledge session on digital payments in India, he said companies are in discussion with various banks regarding partnership for rollout, following RBI approval.

Stating that in UPI, each of the banks can have their own application, he said there are 50 banks who are members of UPI and out of them 37 banks have developed their own UPI applications.

“Some of the banks instead of applying themselves, have asked their third party service providers to develop the app and make their bank the acquiring bank. Truecaller, PhonePe, Chiller, there are 16 such companies,” he added.

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