WhatsApp planning to launch peer-to-peer mobile payments in India

Post demonetization, the government of India have been pushing for digital transaction system for a cashless future. Since the announcement there has been a surge in the use of mobile payment apps like PayTm, BHIM and more. Moreover Samsung also recently launched it mobile payment platform, Samsung Pay in the country.

Now, it appears that, the world's most popular messaging platform is getting ready to set foot into the digital transaction market.

According to a new report, WhatsApp is planning to launch a peer-to-peer payment system in India that is most likely to be powered by UPI (United Payments Interface. It is expected to launch in the country within the next six months. The report further mentions that WhatsApp is hiring a head of digital transactions specializing in UPI, Adhaar (India’s biometric identity system) and BHIM payment app.

WhatsApp co-founder Brian Acton back in February had also mentioned that the company may enter digital payments in the country this year, and that it is in 'early stages' of investigating the segment.

For those uninitiated UPI is a payment system that lets you transfer money between any two bank accounts by using a smartphone. UPI lets you pay directly from the bank account to  merchants, both online and offline hassle free. Users will not have to type card details, IFSC code or net banking/wallet passwords. Instead they have to download the UPI app (provided by Banks and is available on Play Store), then create a Virtual Payment Address and link their bank account and they are good to go.

Besides banks, UPI is also supported by PM Narendra Modi's BHIM app, and private wallet operators like PhonePe and PayTm.

In February, the Facebook owned messaging app announced that, it has over 200 million active users in India. If WhatsApp gets the payment system, the digital transaction market will definitely get a massive boost in the country.

Source 1 | 2 | Via

Kaiser Bey

Kaiser is a tech enthusiast who likes to write, read and talk about tech. He dreams of going to Mars and never come back. We hope that you find his posts on AndroGuider helpful and informative