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.
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.
— 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.