WhatsApp will launch its long-awaited payment function next week, as well as people close to the development. An ET report indicated that the messaging application is in several stages of integrating Unified Payment Interface (SIP) digital payments along with the banks like ICICI, SBI, HDFC, and Axis.
The same source confirms that the platform is in beta phase with one of the associated banks. The final product will be launched for consumers at the end of February, depending on how the paths work. WhatsApp focuses on the data security of the users. The last step in the integration process, after security checks, is the test of the product among the selected users before it is finally activated.
Another source says: “Sending money like test messages mean ensuring different levels of cryptography to keep data safe.” UPI, in itself, also has a complicated liquidation mechanism between different banking partners before the product is live. ” Due to the huge popularity of the application throughout the country, the payment function of WhatsApp can position a large number of people within the digital payment range.
The courier owned by Facebook received government approval to join UPI last year. According to reports, the instant messaging application first contacted the SBI and NPCI to allow UPI payments in their digital wallet. WhatsApp will join the other global giants like Google, which launched its Tex application last year to bet on the payments market in India. Apps like Paytm, PhonePe, and Hike Messenger were launched in the market and launched the UPI-enabled digital wallet, HIKE WALLET, months before the launch of the WhatsApp digital wallet in India in June of last year.
The rules and regulations stipulate that WhatsApp is not an authorized financial institution do not receive, transfer or store funds about Payments and is not responsible for interruptions of the UPI service or actions or omissions of PSP or your bank, including payment liquidation and liquidation of funds.
Not surprisingly, this new feature of WhatsApp is much awaited due to the enormous popularity of the application in India. Currently, the app has exceeded 1 billion downloads worldwide.