WhatsApp is working to launch peer-to-peer payments in India in the next six months, marking the Facebook-owned app’s first foray into digital payments. They have been exploring the unified payments interface (UPI) among other payment modes, to launch its payment solution in India. UPI is an India Stack feature developed by the National Payment Corporation of India (NPCI) allowing for seamless peer-to-peer transactions from bank account to bank account using only a virtual payment address linked to the account and to the user’s phone. And because it is a homegrown solution, WhatsApp will benefit from the integration with the financial ecosystem.
India has 200 million active WhatsApp users making up for almost 56% of India’s internet population, and the push initiated towards digital transactions because of the recent ban of high-value currency notes, the ecosystem becomes more open to the offering.
The news was reported by The Ken also giving reference to a job ad on WhatsApp’s website looking for a candidate with technical and financial of UPI and BHIM payments app that enable money transfers and merchant payments using mobile numbers – to be its digital transactions lead in India.