WhatsApp to launch peer-to-peer payment services in India: Report

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With millions of users worldwide, Whatsapp is taking some innovative steps to attract some new as well as retain the modest users in its platform. Recently, the new version of it has come up with many exciting features including stories, revamped status, and it is also said to soon revoke the old contact sharing feature.

WhatsApp to launch peer-to-peer payment services in India: Report

Other than modifying the old feature, now the company is all set to launch peer-to-peer payment services in India within 6 months. This payment service may get UPI support and already the company is in communication with the government regarding this. UPI is nothing but a Unique Payment Interface which allows the instant transfer of money between users or a bank account using a smartphone. 

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This inter-bank payment protocol enables this type of instant payment by using authentication credentials. For now, UPI is already enabled on smartphones and feature phones for the purpose of transferring money instantly from one bank account to another. Now, even WhatApp wants to use this to include payment system on their app.

WhatsApp spokesperson said, "India is an important country for WhatsApp, and we're understanding how we can contribute more to the vision of Digital India. We're exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users."

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By including this service on their app, this will soon turn out to be a popular payments app globally. Especially after the demonetization in India, few companies like Paytm and Mobikwik have reached a peak in terms of revenue.

WhatsApp co-founder Brian Acton said, "India is critically important, it is our leading market. India guides us with respect to what we build and how we build it." This feature will be far more transformative in countries like India where they don't opt for online payment often.

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