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WhatsApp payments feature likely to go live in February
WhatsApp will soon let you send and receive money with the incorporation of the payments feature that is likely to be under testing in the beta phase.
WhatsApp is getting many new features added to it almost everyday as the Facebook-owned messaging platform is testing several things that will improve the users' experience. The beta versions of the app is constantly getting new updates and these will be available only for the beta testers of the app. After testing, these features will be rolled out to all the users across the world. After a few interesting updates those we have been seeing in the past few days, the details regarding the payment feature has emerged online.
Last year, there were reports that a WhatsApp beta version is testing the UPI payment feature. Recently, a report tipped about an in-chat payment system is under testing. Now, a report by The Economic Times says that WhatsApp payments feature could go live in the next month. Given that there are around 200 million active WhatsApp users in the country, the rollout of the payment feature will definitely take digital payments mainstream.
WhatsApp in talks with banks
The report citing people familiar with the matter states that WhatsApp is in talks with integrating it payment platform with banks such as State Bank of India, Axis Bank, HDFC Bank, and ICICI Bank. A banker is claimed to have mentioned that WhatsApp is currently testing the payments feature in the beta version with one of the partner banks. Another source is said to have stated that based on the trials, the feature will be released to the users by the end of February.
UPI has complicated settlement systems with its banking partners and the issues related to the same have to be resolved before the WhatsApp payments feature is live.
Security will be a priority
As payment-related features will have to be highly secure, the payments feature that will be brought to WhatsApp next month will have to pass a lot of security clearances before it is rolled out to all the users of the app. There will be challenges in integrating the same as it involves several levels of encryption in order to keep the data safe.
Growth in digital transactions
Ever since demonetization in November 2016, the digital transactions have reportedly crossed the milestone of one billion in the country in one year. Key players those helped the adopting of UPI are the digital wallet apps such as Paytm, Google Tez, BHIM and PhonePe. Even those who were not used to digital payments had opted for the same to avoid the hassle of standing in long lines in banks and ATMs.
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1,56,900
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1,56,900
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1,30,990 -
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12,999
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3,599
