WhatsApp New Beta Update To Have UPI Payment Feature Soon

August 10, 2017 13:08
WhatsApp New Beta Update To Have UPI Payment Feature Soon

WhatsApp New Beta Update To Have UPI Payment Feature Soon:- According to the latest update, WhatsApp shows a new Beta update by the Facebook-owned mobile messaging platform.

As per the update, WhatsApp will soon facilitate instant money transfer through the Unified Payments Interface (UPI) transaction system. Towards bank-to-bank transfer using the UPI system WhatsApp was finally giving shape to its plans, says reports.

In the new version ‘2.17.295’ through the Google Play Beta Programme, it says: “WhatsApp Payments: the immediate bank-to-bank transfer with UPI.” The official “WhatsApp Payments” section for Android is still under development.

“In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy,” added reports. The UPI launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), facilitates the instant fund transfer between two bank accounts on the mobile platform.

WhatsApp with over 200 million monthly active users (MAUs), has been in the news for working towards a UPI-based interface in its platform. To facilitate financial transactions via UPI, WhatsApp is already in talks with the NPCI and a few banks. The UPI-based payment services, is already supported by some mobile messaging platforms like WeChat and Hike Messenger.

In July, the NPCI announced that UPI has crossed the 10 million transaction mark last in June 2017, registering a 10-fold increase in 11 months from one million UPI transactions in August 2016. 

“Transactions on UPI are growing exponentially due to increased acceptance among member-banks, merchants and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor,” NPCI Managing Director and CEO A.P. Hota had said.

The firm said in June, the volume of UPI transactions was at 10.35 million, up from 9.36 million in May and 7.20 million in April. In August 2016, the UPI transaction system was launched with 21 banks and was now offered by around 50 banks. Mr. Hota said around 22% transactions are merchant-based which is also growing rapidly.


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