WhatsApp’s move into the digital payments space in India is a well-known fact right now, with beta screenshots confirming the tool is in progress. A new report now claims that the platform will be up and running by December this year.
A person with knowledge of the plan told FactorDaily that WhatsApp’s peer-to-peer payments solution was in its final stages and being tested by employees. The company will probably kickstart an extended beta program in November and begin a full rollout in December.
ICICI Bank, HDFC Bank, and SBI are said to be the first 3 on-board with WhatsApp’s virtual money transfer service. The option is apparently based on the government’s UPI interface, allowing for the quick shifting of money from bank to bank using just a phone number and a PIN.
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As per the source, a person will have to tap on a new Rupee symbol to send or request money. The option is set to pop up alongside other attachment options like photos and documents inside a chat window. They’ll just have to enter the amount to be paid and their PIN to beam the cash across.
The individual at the other end will get a notification telling them that a payment has been received or requested. They can choose to accept or reject the money or request. It sounds simple enough all-in-all. This combined with the convenience of sending money without having to exit a conversation will likely appeal to users, especially those who conduct business over WhatsApp.
WhatsApp Payments may prove to be a disruptor in the virtual money transfer space where apps such as Paytm and MobiKwik reign supreme. Expect big changes as and when the feature arrives.