WhatsApp Payments Are On The Way
WhatsApp, the well-liked instant messaging application, might soon receive a built-in feature for payments. The Facebook-controlled firm is claimed to be already beta trialing the app with its banking associates. Lately, the firm also launched out its app of WhatsApp for Business. It is expected that the application as well might have some type of incorporation with the feature for payments.
The facility of payments in WhatsApp might come as early as February. As per a report in Economic Times, the company is expected to go live for users by the end of February 2018. The platform is already conducting tests with its associates.
As per the report, WhatsApp will play the role of a top layer that will recognize both the recipient and the sender at the back-end. It additionally claims that since the payments platform of the app will be incorporated with banks, it will also recognize the bank account of the users. In the end, UPI (Unified Payments Interface) will assist settle the payments. WhatsApp is allegedly at different phases of incorporating its UPI-supported system with its banking associates.
Over the past couple of months, UPI has come up as one of the quickest-developing payments methods in the nation. It is claimed to have posted 145 Million payments last year in the month of December. The firm has joined hands with different top banks in the nations for the transaction option. These allegedly comprise ICICI Bank, State Bank of India, Axis Bank, and HDFC Bank.
The most-extensively employed messaging application in the nation got approval of the Indian Government for integration of UPI last year in July. A banking associate claimed to the media that there are different safety concerns that require to be dealt with prior to the incorporation, particularly with reference to banking data of the customers.