Post recent launch of Hike’s in-app payment system, messenger giant Whatsapp too will soon launch its payments platform Unified Payment Interface (UPI).
The leading messenger app is in discussions with State Bank of India (SBI), the National Payments Corporation of India (NPCI) and a few other institutions to gear up this system.
Providing UPI on WhatsApp, that has 200 million users, is viewed as an initiative of huge potential for enterprise solutions as well.
UPI was started by the then RBI governor Raghuram Rajan in 2016 and it allows instant fund transfer between two bank accounts with the help of a mobile platform.
To enable UPI on WhatsApp, banks will have to merge their systems with the Whatsapp app. This will facilitate the app to identify the recipient perfectly and will further assist the UPI layer to allow the fund transfer.
Banks are, however, concerned about the safety quotient of data in this instant transfer of funds.