Published Date : Nov 07, 2017
WhatsApp has planned to introduce a peer-to-peer (P2P) payment service for the India market in December. The global messaging app will be introducing the payments feature for the first time considering any market across the world. An extended beta program will be unveiled in November, according to a report. Users will be able to make payments without the need to leave the chat interface since the feature will be directly integrated into the app. A window with the rupee sign will appear for users to request or send money. The receiver will have an option to accept or reject the request after being notified.
WhatsApp Starts Experimenting with Verified Business Accounts in India
As per a report, in order to launch the new payments feature, WhatsApp has partnered with HDFC, ICICI, and SBI. Backed by the Indian government, the Unified Payments Interface (UPI) will form the basis of the feature. In September, nearly 30.8 mn transactions were carried out using the UPI, i.e. worth an INR 5,290 cr, according to the National Payments Corp. of India. Due to complex banking regulations in India, just as any other new service such as Google’s Tez, WhatsApp is limited to funds transfer from one person’s bank account to another’s.
Paytm, on the other hand, has made its presence known as a broader financial company which manages payments made using digital wallets, government’s electronic transfer system, and debit and credit cards. International players such as Uber, Amazon, and Google have also been in the action alongside local companies.