Back in August of last year, WhatsApp added a mobile payment system to the beta version of the app. The beta WhatsApp payments used a UPI-based money transfer system that allowed users to make peer-to-peer bank transfers across the messaging platform. Now, according to Bloomberg, WhatsApp will roll out the payments system to users across the regular version of the app within a week or so. If you owe anybody money, now is the time to block them on WhatsApp!
WhatsApp has partnered with a number of banks to make its new payments system possible. Bloomberg reports that WhatsApp wouldn’t launch the service until it had at least four major banks backing it up. With HDFC Bank, ICICI Bank, Axis Bank and SBI all behind it, WhatsApp feels free to push on with the wider roll-out of the project.
Digital payments have become big business over the last few years, so it makes sense for WhatsApp to try and break into the market. If the messaging giant can produce a seamless experience that doesn’t take away from its core purpose, then digital wallet and payment apps like Paytm, Google Tez, etc. will have to start looking over their shoulders.
Have you already started sending digital payments using your phone? Would you be happy sending money over WhatsApp? Let us know in the comments below.