Online payments has become a part of today’s generation with almost millions of transactions taking place at any given moment. It is fast and easy, helping users to make transactions online without having to send money manually from the bank. Now, WhatsApp is foraying into online payments where we will soon see person-to-person money transfer service feature on the App.
Currently, WhatsApp is testing this feature for select users and will gradually launch the full service for a wider user base. This feature will include inter-bank money transfer across India, which is it’s biggest market.
This will link customers phone numbers with the bank accounts to make all the payments, where four banks will join United Payments Interface (UPI) which will power the payments services for WhatsApp. ICICI Bank currently processes the fund transfers on WhatsApp.
The other established players like Paytm have expressed concerns about the security of WhatsApp’s new payments service in a statement recently.
The option to send a payment will be available under the main WhatsApp menu, the same area where one can share a photo, video, contact or location into a chat. Both the sender and the receiver will need to activate the service for the transactions to work.