WhatsApp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, shows a new Beta update by the Facebook-owned mobile messaging platform.
Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform.
With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.
Now, with the new update to the beta channel (which brings the application up version 2.17.295), we get a glimpse into a new potential feature for the future. It’s called WhatsApp Payments and it looks as if it will allow for immediate bank to bank transfers. The feature is still under development and there could be coming that prevents it from being brought to the public. But it looks as if we’ll be able to send payments to one another via WhatsApp in a future update.
Mobile payments have been on a rise since last year’s demonetisation. In such scenario, digital payments app Paytm has seen major growth in terms of transactions and its user base. It is to be mentioned, as WhatsApp is entering into payments, Paytm is planning to introduce its messaging feature.
WhatsApp is not the only app that is entering into digital payments. Several other popular services such as messaging app Hike and Truecaller already support UPI payment services. However, this move from WhatsApp, the most popular app in India with over 200 million active users, will surely give a boost to digital payments in India.