Whatsapp, the biggest messaging app of India is coming up with the coolest payment platform. Soon, you would be able to use UPI through the WhatsApp. You may be aware that UPI (Unified Payment Interface ) is simplest and easiest system of digital payment. There are already many mobile apps which work on UPI platform. These are the 10 updates about the Whatsapp UPI Payments.
1. Coming on February End
Soon your wait would end. You would be able to pay directly from your WhatsApp screen. TimesofIndia has reported that It may go live on the February end. According to the sources, WhatsApp is Beta testing this feature. It is working to integrate the UPI platform within the Whatsapp interface.Therefore, the works are in the final stages. The times of India has quoted one source in this regard.
“The platform is already in beta stage (testing) with one of its partner banks. We expect the product to go live for consumers by the end of February, depending on how the trials work out,”
2. Four Banks are partner
Only banks have the direct access to the UPI server. Hence, a non-bank mobile app has to collaborate with the banks to fill this gap. For this purpose, the Whatsapp is partnering with the 4 banks. You would have the liberty to transact through any of the banks. These banks are SBI, ICICI Bank, HDFC Bank and Axis Bank. Do you know, Google Tez has also partnered with the same banks!
3. Security Checks are Going On
Partner banks are doing the security check of Whatsapp-UPI integration. It is the responsibility of the banks to keep the data secure. The bank account data has to go through multiple encryptions to keep the data secure. A banker said to the TOI-
“We are doing security checks to ensure the safety of the data,”
4. Testing With Select User
The final step of beta testing would be the use of this system by select users. The WhatsApp would give the updated version of Whatsapp to some of its employees and bank employees. They would use the UPI feature and give the feedback. If they don’t find any flaw, the UPI would go live in Whatsapp.
5. Government Has Approved
The Whatsapp has already taken the government approval in July 2017. Since messaging apps are not related to any financial services, they have to take government approval. Tez has also taken government approval. Since the approval, Whatsapp is working hard to come with it ASAP.
6. Whatsapp Would Identify the Person
The Whatsapp and UPI would work in the following way.
- The Whatsapp would identify the sender and receiver of the money on the basis of mobile number. It would communicate the mobile number to the participating bank.
- The bank would use the UPI server to identify the bank account numbers.
- Finally, the UPI interface would settle the transaction between the bank accounts.
7. UPI Transaction is Growing Rapidly
More and more people are adopting the UPI for fund transfers. Almost every youth with the Smartphone has started to use the UPI. They have many UPI apps to choose from. In the month of December 2017, there were 145 million UPI transactions.
8. Top 5 UPI Apps
There is fierce competition among Payment apps. Every Payment app has adopted the UPI. The latest convert is the Paytm. You may know that Paytm is the largest payment app in India. Google Tez has also made rapid inroads thanks to its lucrative reward program. Phonepe is the consistent play and growing steadily. BHIM is the NPCI developed and government promoted app which is quite popular because of its simplicity.
9. Other Messaging App Which Facilitates Payments
Whatsapp would not be the only messaging app which gives the facility of payments. There are already many apps which have done the similar things. The Homegrown Hike messenger is using UPI since the June 2017. Hike has reported more than 10 million transactions in November 2017.
The Chinese messaging companies are using the payment feature for a long time. The popular messaging app Wechat is the big platform for fund transfers. Alipay is the leading fund transfer app of China. In 2016, there have been mobile payments of $5 trillion in China.
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