WhatsApp's UPI-Based Payment System Could Go Live Next Month in India

WhatsApp has long been rumored to be working on a peer-to-peer payments system to facilitate fund transfer betwixt two WhatsApp users. Those rumors appeared to exist just rumors, until now, as a new study from the Economic Times states that WhatsApp's highly-predictable payments feature might go live in February this year if insider sources are to be believed. The company would exist integrating UPI (Unified Payments Interface) to enable the service.

Information received from different sources suggests that the Facebook-owned platform is giving finishing touches to the payments system, and volition curlicue it out for the masses as soon equally the necessary security parameters have been evaluated and verified for efficiency.

The platform is already in beta phase (testing) with one of its partner banks. We expect the product to go live for consumers by the finish of February, depending on how the trials work out.

WhatsApp is reportedly in talks with top Indian banks such equally State Banking company of India (SBI), ICICI Banking company, HDFC Bank, and Axis Bank for the get-go stage. Boosted insight into the latest developments was provided by a source at one of the partner banks. The source revealed that security assessments are currently beingness carried out to ensure data condom, and make certain that sufficiently strong layers of encryption are applied to make the platform safe and secure.

To be able to ship money every bit easily as a text bulletin involves ensuring various levels of encryption to keep the information safe. UPI, by itself, as well has a complicated settlement mechanism between various cyberbanking partners. These issues demand to be attended to before the product goes live.

WhatsApp is supposed to act as an amanuensis for authenticating the identity of the sender and the recipient likewise as their respective banking concern accounts, the balance will be managed by UPI.

WhatsApp'southward payments facility is expected to provide a huge boost to digital transactions in India, primarily due to 2 factors i.due east a huge user base and the ease of transferring funds through a familiar messaging platform.

Source: https://beebom.com/whatsapp-upi-payment-system-february-india/

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