Instant messaging service WhatsApp has recently launched a peer to peer money transfer feature titled 'WhatsApp Payments' in India. WhatsApp has received permission from the National Payments Corporation of India (NPCI) to enter into partnership with multiple banks in July, 2017 to allow users to make in-app payments and money transfers using the Unified Payments Interface (UPI). The UPI enables account-to-account transfers from a mobile app without having any details of the beneficiary's bank.
You need to link your Bank Account to
WhatsApp. The
WhatsApp number should be the same as the number attached
with your bank. The transactions in WhatsApp Payments will be made
through bank accounts linked to Unified Payments Interface (UPI),
allowing users transact between accounts of different banks. The WhatsApp Payments will be limited to peer-to-peer payment and does not offer merchant payment, as of now.
WhatsApp commands a strong user base of 250 million across India. Introducing a person-to-person payment feature for all of them gives the messaging application an advantage from the get-go over other digital transaction applications.
The company is now looking to end the dominance of apps like Paytm, Google Tez, and other digital wallet app that have been around for a long time.
Paytm has 180 million users in the country, whereas
Google Tez, another UPI-based payment application, crossed
12 million users in India last year four months after its launch.
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