Tag: User base

WhatsApp gets NPCI nod for doubling payments user base

Banking & Finance

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Facebook-owned messaging platform WhatsApp has been granted permission to double its user base for the payments service to 40 million by the National Payments Corporation of India (NPCI).

WhatsApp has a total user base of 400 million and the development will help the platform compete better with entrenched rivals like Google Pay and Phone Pe.

The US-based company had been eyeing the payments opportunity for long, but data localisation requirements had initially led to a delay.

The development comes at a time when concerns over big tech firms’ play in the financial sector are being expressed unequivocally by regulators.

A list of third party apps on the NPCI website makes it clear that WhatsApp’s user base has been allowed to be increased to 40 million. ICICI Bank, Axis Bank, HDFC Bank and SBI will be acting as WhatsApp’s payment service provider (PSP) banks, it said.

Third party apps

There are a total of 21 third party application providers, including WhatsApp, which have been allowed to provide the service of payments on the Unified Payments Interface (UPI), as per the NPCI website.

Reacting to the development, Manesh Mahatme, the director of payments at WhatsApp India, said the company is looking forward to expanding its user base.

“Since our initial approval from NPCI, we have been working to deliver a simple, reliable, and secure experience for WhatsApp users that we hope will accelerate adoption of UPI for the ‘next five hundred million’ Indians,” Mahatme said.

“Over the next 6 months, we have planned significant investments in payments on WhatsApp- across India – including many more ‘India-first’ features – that we are sure will accelerate our growth,” he added.

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SBI YONO crossed 70.5 million downloads and a registered user base of 37.09 million, BFSI News, ET BFSI

Banking & Finance

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Country’s largest lender, State Bank of India‘s flagship digital offering YONO (You Only Need One) has crossed 70.5 million downloads, with a registered user base of 37.09 million and averages daily logins of around 10 million.

The bank laid out the details in its annual report and said it has been operating its analytical potential through AI/ML to increment efficiency, procuring new business and for risk management.
Post retail it added the service for its corporate customers too with five applications viz Corporate Internet Banking, Cash Management Product, Supply Chain Financing Unit, e-Trade and e-Forex. Currently, SBI is functioning to avail an entire digital trade finance solution to business clients on YONO platform.

The bank said, a digital journey has also been initiated for Forex rate booking and document upload facility to enhance customer convenience, which will help the bank increase income from Forex business.

The bank had also launched YONO offering in the UK, Mauritius, Maldives, Bangladesh, Sri Lanka and Canada. As of March 31, 2021, over 40,000 overseas customers have been onboarded on the YONO platform. SBI anticipation to inaugurate YONO in the countries such as Singapore, Bahrain, South Africa, and the USA by the end of FY2022.

The bank said it will continue accelerate its digital agenda as the scope and reach of YONO will be expanded further.



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