Social messaging app WhatsApp is planning to launch UPI based payment services. Through this new service, soon we will be able to make payment using WhatsApp. This payment service is expected to launch as early by next month.
The Economics Times reports that WhatsApp will come up with payment services by integrated Unified Payments Interface (UPI). It further reports that the company is at various stages of integrated UPI based platforms with Axis Bank, HDFC Bank and ICICI Bank.
Some familiar sources who were aware about the development told the publication that the platform is already doing beta testing with one of the partner banks. Hence, we can expect the feature to go live by the end of February, depending on the success of the trials. The bank is already doing security checks to ensure the safety of the data, as confirmed by one of the bankers.
Sending or transferring money as easily and as early as text messages, requires various levels of ensured encryption in order to keep the data safe. If we talk about UPI, it itself has a complicated settlement mechanism between various banking partners. These issues need to be addressed prior launching the feature, as told to publication by a senior banker.
WhatsApp has a huge user base close to 200 million. If this report comes true then surely WhatsApp will be in great benefit due to its large user base. Let us all wait and see whether the company will be able to turn its users into potential users or not.