Technology
WhatsApp Will Soon Launch Peer-to-Peer Payments In India Within Next 6 Months
One of the world’s largest instant messaging app WhatsApp will soon launch peer-to-peer payments in India within next six months. The interface is likely to be powered with the Unified Payments Interface (UPI).
peer-to-peer banking is nothing but an online system that allows individual users to complete financial transactions with one another. This is actually done by using an auction style process that lets members offer loans for a specific amount and at a specific rate.
WhatsApp in a statement said: “India is an important country for WhatsApp and we are getting to know how can we contribute more to the vision of Digital India. We are constantly building new innovative techniques by listening closely to feedbacks from our users.”
On a visit to India, Whatsapp co-founder Brian Acton in a meeting said to our country’s IT Minister that they are in their early stages of how it can incorporate P2P payments services.
More interestingly, Whatsapp has decided to opt for the UPI way for its payments system rather than going for the popular digital wallets. Some time ago, Facebook has also launched payments option to its Messenger in the U.S. However, this feature inside WhatsApp could be far more exceeding in India, where Messenger is less popular.
WhatsApp peer-to-peer payments are reportedly testing business search features with few of the selected companies.
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