Till date you are using WhatsApp to send Good Morning messages, forward useful information’s and may be for Voice and Video chat. You will be surprised to know that in another six months can transfer fund to anyone using WhatsApp. Yes, Whatsapp has got formal approval from National Payments Corporation of India (NPCI) to allow Whatsapp users to transfer fund using the UPI (Unified Payments Interface). UPI is the procedure to pay from one account to another account using the mobile app without having any details of the banks involved. It is understood that WhatsApp has planned to hire ‘digital transaction experts’ in India to incorporate UPI in Whatsapp.
WhatsApp spokesman said, “India is an important country for WhatsApp, and we understand how we can contribute more to the vision of Digital India,” and without elaborating much, he said “We’re exploring how we might work with companies that share this vision and continuing to listen closely to feedback from our users,”
After the note ban by Indian Government, the volume of digital transaction has raised substantially that lot of new payment gateway is born. With over 200 million Whatsapp users in India, the company will not have much struggle to become a successful player in digital payments in India. Miss Rathnanandhi, a regular user of Whatsapp said “In India, we not only love Whatsapp, but we trust Whatsapp. So I am sure that Whatsapp will become the most successful player in peer-to-peer payment app”
Once the online payment option is activated in WhatsApp, each user will create their unique Virtual Payment Address (VPA) and transfer fund using Unified Payments Interface (UPI). Online payment using chat apps is not new as ‘WeChat’ a popular chat app in China has launched online payment option in China for its users. Truecaller a popular app in India recently launched its online payment service called ‘TrueCaller Pay’ in India.