WhatsApp is reportedly on the verge to announce a new feature that could be a game changer in the Indian digital payments ecosystem. According to FactorDaily, WhatsApp’s most-awaited feature for sending/receiving money over UPI is likely to arrive in December. Previously, we saw many reports hinting at UPI to integrate into a Facebook-owned instant messaging app.
FactorDaily quotes someone familiar with the plan as saying “They (WhatsApp) are likely to do some sort of an extended beta program for the feature in November and by December you can expect a full rollout.” If the report is to believe, WhatsApp has joined hands with three major Indian banks like State Bank of India, HDFC Bank, and ICICI Bank.
The report further goes to explain the simplicity of the feature. From what it says, it appears that users may not require leaving the chat interface to make payments. The feature is tipped to be accessible via same option which is currently used to share contacts or a location. Users may need to first tap the paperclip icon and then tap the Rupee symbol. Once done, senders shall get an option to enter the amount and UPI PIN and hit “Send.” Receivers, at the other end, shall receive a notification whether to accept the payment.
To explain, UPI or unified payment interface is a new way of online fund transfer across two bank accounts. Unlike standard methods such as NEFT and RTGS, UPI makes it easy to send or receive money from or directly to a bank account without taking much time. Search giant Google announced a new app called Tez a few weeks ago to achieve just that.