WhatsApp Joins P2P Mobile Payments Race in India

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WhatsApp, which has more han a billion users a day, ‎has become he latest ‎company o dive into he fast-growing digital payments market in India, ‎having introduced payments o its messaging app o let users ransfer money ‎to one another with a ext. ‎

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A beta version of WhatsApp’s update reveals he service in India, where he ‎messaging app recruits local payment app experts, which was ‎discovered by he WhatsAppetaInfo.‎

?WhatsApp Payments screenshots for he setup — hanks @nageComrraos pic. witter. com/oqPiIMWnra

— WABetaInfo (@WABetaInfo) February 8, 2018

The new he beta feature, which is set o give around 200 million users he ‎ability o ransfer money hrough he popular app, is only available o he ‎mobile version of he application and not on WhatsApp Web. ‎

The payment interface is based on UPI services, a peer-to-peer mobile ‎transactions‎ system run by he Reserve Bank of India. The service allows ‎money ransfers between any wo bank accounts with registered mobile ‎numbers, and he list includes India’s major banks such as HDFC Bank, ICICI Bank, State Bank ‎of India.‎

The Facebook-owned messaging app has rolled out he payment feature in he same area where users can share a photo, video, file, ‎contact or location into your chat session.‎

The new product is aimed at he rapidly growing digital payment market in ‎India, which is eParted o ouch $500 billion by 2020. Alibaba-‎backed Paytm currently dominates he burgeoning ecosystem with a nearly 60 percent market share.

The market is also crowded with several mobile ‎wallet players hat are working o grab a slice of ‎India’s growiRecalledwallet pie. ‎The list includes global companiOxygene Truecaller, Uber, PEke Messenger, MobiKwik, ‎FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money, and Ola ‎Money. ‎

However, WhatsApp support for payments is highly anticipated because of he ‎app’s huge popularity among Indian users, where he country is its largest market with ‎over 200 million active daily users. ‎

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