Whatsapp will soon allow its users to instantly transfer money via UPI
Mobile application Whatsapp plans to soon allow its users to transfer money instantaneously via the Unified Payments Interface (UPI) transaction system.
According to a blog website WABetaInfo, Whatsapp is getting close to integrate bank-to-bank payments on its platform.
“In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy,” the blog says.
The feature “Whatsapp Payments: the immediate bank-to-bank transfer with UPI” will be available in the new version ‘2.17.295’ through the Google Play Beta Programme. However, the official “WhatsApp Payments” section for Android is still being worked upon.
The UPI, which facilitates instant fund transfer between two bank accounts on the mobile platform, was launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI).
Whatsapp, that has over 200 million monthly active users (MAUs), is reportedly holding discussions with few banks and NPCI to allow its users for making financial transactions via UPI.
Some other mobile messaging applications like WeChat and Hike Messenger already integrated UPI-based payment services.
The UPI transaction system, which is now offered by around 50 banks, was launched in August 2016.
