WhatsApp, the most popular messaging app in India is about to launch a full feature payments service in India. Millions of WhatsApp users in India will very soon start sending money to each other. After being through a lot of tests this WhatsApp new feature is about to roll out in the India market says, National Payments Corp. of India (NPCI) said.
The popularity of this cool feature in India is likely to pose a threat to established players like Paytm that has been a name in the Indian market for sending money digitally. WhatsApp's Vice President, Neeraj Arora recently, resigned from Paytm's Board of Directors days after WhatsApp announced its payments feature in India and speculations are WhatsApp's payment feature is going to surpass Paytm.
Top four banks of India are going to join the United Payments Interface (UPI) that will back the payments service for WhatsApp, NPCI said. India’s third-biggest bank ICICI would be one of them. The country’s cashless economy boosted after demonetization that led to a hike in online payment providers such as Paytm but now, WhatsApp that has most number of the active users in India is ready to capitalize this opportunity.