Money control Report Citing several sources aware of the news, it has been claimed that WhatsApp is in the process of merging Axis Bank, HDFC Bank, ICICI Bank and SBI. However, it has been said that WhatsApp Pay service will be launched with three of the initially mentioned private banks and later SBI will be added to it.
The National Payments Corporation of India (NPCI) has recently ordered the option of a multi-bank model to avoid any delay in transactions for larger digital platforms providing UPI-based payment services. If a bank faces a problem in allowing payments, this multi-bank model is helpful. Defects in the use of the single-bank model were revealed earlier this year during Yes Bank’s mortuary, which shut down the activities of platforms such as PhoneP and Suigi during that time.
Google Pay and TrueClear are among the major platforms that currently allow transactions through multiple banks. Interestingly, Google Pay already has Axis Bank, HDFC Bank, ICICI and SBI as acquiring banks, enabling UPI-based transactions.