The Unified Payments Interface (UPI) feature will soon be available in WhatsApp as it has appeared in the latest beta version update of the app. This feature will facilitate instant money transfer for users of the app.
According to a report by WABetainfo, the Facebook-owned messaging app will soon enable users for bank-to-bank transfers.
UPI was launched by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI).
“Transactions on UPI are growing exponentially due to increased acceptance among member-banks, merchants and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor,” NPCI Managing Director and CEO A.P. Hota had said.
With over 1 billion monthly active users, of which over 200 million reside in India, WhatsApp has rumoured to be working on the UPI feature for the app for a long time now.
WhatsApp’s competition in the online instant messaging app market is already ahead of them in the game. Apps like WeChat and Hike Messenger already support UPI-based payments.
But since WhatsApp has more reach since it has more users, UPI feature on the app might receive far more traction than it does on other messaging applications.
Reportedly, WhatsApp has already held talks with NCPI and some banks to collaborate to support UPI in the app.
The UPI system was launched in August 2016, partnering with 21 banks and it saw close to 1 million transactions by the end of the month.
In July, the NCPI announced that UPI transactions had crossed the 10 million mark and is supported by 50 banks nationwide. Out of these, 22 percent transactions were merchant-based, indicating a growth in that area too.
(With inputs from IANS)