State Bank of India (SBI) will soon provide its customers with WhatsApp-based banking. Dinesh Khara, the chairman of SBI, announced this while announcing a few retail initiatives. In addition, Khara stated that they would soon introduce API (application programming interface) banking to corporate clients and aggregators. API Banking is a system where APIs, a way for two or more computer programmes to communicate with each other, are used for communication between bank and client servers.
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This system ensures seamless and secure integration between the customer’s and bank’s systems by facilitating data transfer between these two systems. With regard to WhatsApp Banking, as the name suggests, users will be able to do specific banking transactions through the well-known messaging service.
About WhatsApp Payments:
A peer-to-peer money transfer tool called WhatsApp Payments (marketed as WhatsApp Pay) is presently only accessible in India. In order to enable users to make in-app payments and money transfers utilising the Unified Payments Interface, WhatsApp got authorization from the National Payments Corporation of India (NPCI) in July 2017. (UPI). Account-to-account transfers are possible with UPI through a mobile app without knowing the bank information of the recipient. WhatsApp said on November 6, 2020, that it has been given permission to offer a payment service, initially limited to a maximum of 20 million users. The service was then made available.