Whatsapp to use UPI payments soon; here's how it may work
Facebook owned messaging app, Whatsapp may soon launch Unified Payments Interface (UPI) to promote peer-to-peer payment on its platform among other payment modes.
Whatsapp that has 200 million users in India would have its own mobile wallet which could be out in a matter of six months.
UPI was officially launched by erstwhile governor o Reserve Bank of India (RBI), Raghuram Rajan in April of 2016. It was only in August 2016 that 21 banks launched their mobile applications based on UPI.
Customers would ideally have to follow five steps to get pay using Whatsapp and UPI, as per a report by The Ken on Tuesday.
1. Link Whatsapp profile to Virtual Payments Address (VPA).
2. Key in the Rupee symbol.
3. Choose a payee from customer’s contact list.
4. Type in the amount to be paid.
5. Enter PIN when pop-up arises and the money will be then debited from customer account.
UPI predominantly remains a peer-to-peer money transfer application (app) with e-commerce and other businesses largely staying away to set shop on the platform.
Recently, Truecaller launched a UPI – based mobile payment solution in partnership with ICICI bank and cab aggregator platform Ola too announced UPI integration for customers to pay for cab rides with the electronic payments system.