What is WhatsApp banking? How does it work?
Recently, the State Bank of India launched its “WhatsApp Banking Services”. This service will help SBI customers to avail some of the banking services on WhatsApp. This will make banking easier for the customers as it will reduce the need of downloading the SBI app or going to ATM anymore. This service can be availed by sending a “Hi” Message on +919022690226.
SBI WhatsApp Banking Service will help their customers,
- To check their Account Balance and get Mini Statement on WhatsApp.
- By ensuring seamless and secure integration between systems of banks and customers. It will facilitate easy data transfer between both the ends.
- To do specific banking transactions.
WhatsApp-based services will also be available to SBI’s credit card holders, under the name “SBI Card WhatsApp connect”. Through this service, SBI credit card customers would be able to check account summary, outstanding balance, reward points and make card payments.
Application Programming Interface (API)
SBI will also launch API banking for corporate clients and aggregators. Under this system APIs are used to communicate between bank and client servers.
About WhatsApp Banking
WhatsApp had rolled out the payment services in India in 2020, after getting approval from National Payments Corporation of India (NPCI) in July 2017. NPCI also imposed a cap of 30% of total transactions being done through Unified Payments Interface (UPI), in effect from January 1, 2021. WhatsApp users can send money on WhatsApp through UPI supported app, without knowing the bank information of the recipient.
Month: Current Affairs - July, 2022
Category: Economy & Banking Current Affairs - 2024