As part of this partnership, customers can pay using UPI, credit and debit cards, PhonePe wallet and other external wallets like Jio Money & Freecharge for their fuel purchases, through the PoS device at 30 IOCL retail outlets in Bengaluru.
The WhatsApp moment of Indian banking has finally arrived with the largest messaging app in the country introducing its payments feature.
The latest Reserve Bank of India data shows that the number of PoS terminals remained plateaued at 2.9 million between September and November 2017.
The latest round, which also saw the participation of Singapore-based fund Sistema Asia, takes the funds raised by the company over the past four years to more than $173 million.
As per initial reports, WhatsApp allows peer-to-peer payments through the Unified Payments Interface (UPI) infrastructure.
For the fintech sector, RBI has identified technology startups working in the space of peer-to-peer lending, blockchain, big data, smart contracts, robo advisors and online aggregators.
Paisabazaar said the company would be able to roll out these facilities for its users by moving to a cloud based data infrastructure on Microsoft Azure.
Consistent growth was seen across debit and credit cards along with Immediate Payment Service (IMPS) which is a bank to bank fund transfer mechanism hosted by NPCI.
The brokerage house looks at enhancing the software, which would then allow investors to directly create portfolios, stock watch lists, buy and sell stocks on chat, get stock trends, receive recommendations for investments etc.
Industry insiders said that it is a huge business opportunity for every digital payment company to digitise offline payments.
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