World’s most popular messaging app, Whatsapp which is owned by Facebook and having more than a billion active users around the globe is now planning to launch a peer-to-peer UPI-based payment in India soon, within next six months. From past few months in India, Cashless payments have been making more impact on the payment modes. Now, WhatsApp will come up with a solution which will be powered by Unified Payments Interface (UPI).
According to the report from Factory Daily, Whatsapp is hiring a head of digital transactions with expertise in UPI (Unified Payments Interface), Aadhaar and BHIM(which was announced by Indian PM on December 31st, 2016). Whatsapp had reported that they are now having more than 200 Million active users in India. Most banks and private wallet operators like Paytm, FreeCharge, and PhonePe also support UPI-based payments now. BHIM was made in India and has been downloaded more than 10 million times, the transaction is failing quite regularly( at least in my case), it will be interesting to see who Whatsapp progresses on this.
One of the most Popular apps, Truecaller had recently introduced a similar service based on UPI and tied up with ICICI Bank and FB has similar payment mode. Whatsapp brings this kind of feature will be really disruptive, as the most active users of the App are based in India. Further, the report says WhatsApp also considered mobile wallets, but the draft RBI guidelines of March 20 had led to some uncertainty. Also, recently announced Samsung Pay with PayTM and UPI integration which works on technology like MST and NFC and it supports only a few Samsung devices as of now.
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