WhatsApp UPI-based digital payments service has been in the news for quite some time and it now looks like the company is finally all set to launch the feature as early as next month according to reports. The WhatsApp payment will give a big boost to digital payments in India and will compete with Google Tez that was launched last year and already has over 12 million users.
The peer-to-peer payment system powered by Unified Payments Interface (UPI) is said to be in the final stages of beta testing with few banking partners like HDFC, ICICI, State Bank, and Axis Bank. The final version is expected to go live for users next month considering the trails run smoothly said the people familiar with the matter.
A banker too confirmed the new saying WhatsApp is at various stages of system integration with banks and is currently doing security checks to ensure the safety of the data. The feature before going live will be tested on few users and based on the results, the date will be fixed for final roll out. WhatsApp got the approvals from the government to integrate with UPI in July and will soon join Google, Samsung.
Among the many digital payment solutions, WhatsApp UPI-based digital payments service is the most anticipated one considering the volume of users in India which is around 200 million DAU and this surely is expected drive more users to the peer-to-peer payment system. WhatsApp will act as a top layer that will identify the sender and the recipient in the back-end, while bankers will identify the user and account details, UPI will process the transactions.