WhatsApp to launch UPI-based digital payments service in India
According to a recent report, WhatsApp is working to launch UPI-based digital payments service in India in the next 6 months. After demonetization, digital transactions has become an important part of India’s people. So, WhatsApp wants to take advantage of this space and get deeper integration in the Indian market.
Facebook-owned, Whatsapp has almost 200 million users in India. So, making its presence in the payment system is a lot easier. It can easily get early users due to its existing userbase.
An India-based subscription media company, The Ken claims that the Whatsapp is also hiring a head of digital transactions with expertise in UPI (Unified Payments Interface), Aadhar (India’s biometric identity system) and BHIM, the payments app launched by a consortium of major Indian banks. WhatsApp co-founder Brian Acton had said in an interview to Times of India in February, that the company may enter digital payments and that it is in ‘early stages’ of investigating the segment.
In India, the UPI-based payment system is booming because it is easier to use and make payments. Most of the banks and private wallet operators like Paytm and PhonePe also support the UPI Based Payment system. So, as a trusted message app in India, WhatsApp can easily make its place in the payment system with UPI.