New Era Digital Banking – WhatsApp is planning to launch UPI based payment system. Existing Unified Payment Interface (UPI) of NPCI will be acted as the interface for Whatsapp banking. This will start the boom of social Media Banking.
WhatsApp’s founder Brian Acton recently stated that WhatsApp payment solution is likely to get support for UPI (Unique Payment Interface). Whatsapp is already in talk with government of India for the same. The mode of operation for banking through whatsapp will be as like existing UPI interface where UPI allows for instant transfer of funds between two people or a bank account via smartphone.
[box type=”info” ] “UPI will be available to all as like open to third-party services, making payments is as fast and easy as sending a text message” [/box]
WhatsApp stated that this is a small contribution from their side to Digital India. Initially a Pilot will be launched in specific countries with selected users.
Currently WhatsApp is having more than 200 million active users in India. Once it allows their interface for Social Media Banking, it will be the most popular payment apps beating BHIM apps of NPCI.