WhatsApp has launched person-to-person UPI Payments in India

WhatsApp has launched the beta version of its app that allows the users to make payments

The payment system used by this new WhatsApp tool depends on UPI, a money transfer service shared by the main financial institutions of the country.

The new "Payments" feature can be accessed from the Chat window in the Attachments menu. Users can now link their bank account to their WhatsApp account via Unified Payments Interface (UPI) and begin making payments straight to another user's bank account through a WhatsApp chat. "WhatsApp, with 230 million daily average users, is by far the most popular app in India and as it soon plans to integrate a payments button, digital payments are set to explode and we estimate a US$1 trillion market over the next five years", Credit Suisse wrote in its report.

Analysts are of the opinion that the introduction of the UPI feature in WhatsApp could prove to be a massive boost to the digital payments landscape in India.

However, WhatsApp's support for payments is highly anticipated because of the app's huge popularity among Indian users. User can now choose from this list of banks the one to be linked to UPI. Even among beta testers, only a few can see the feature.

It is worth to note that the feature is exclusively for India. Users have been complaining about problems with linking their bank accounts to UPI, which is to be expected considering the beta status of the feature.

Do you think WhatsApp will launch Payments outside of India?

Apart from this, the Facebook-owned messaging application is also reportedly working on a group video calling feature. At the moment, the service is for select WhatsApp beta users on iOS and Android. You can add up only three people at a time.

Related:

Comments


Other news