The famous messaging app WhatsApp may release the peer-to-peer method of payment in India and is probable to be supported by the UPI (Unified Payments Interface). In a report published by The Ken, WhatsApp Messenger – which has not got any terms in India – is searching for the people to hire them for a Digital Transaction Lead to supervise the digital transaction system in the state.
During February 2017, the highly popular messaging app in India has declared that it had got more than 200 million users each month in India and a payment system is going to be integrated with the app, which would be an important update and will open the novel use cases. The company owns more than 1.2 billion active users all across the world.
The most important thing to be noted is the fact that the app has decided to go for the UPI for carrying out its payment and not the services of Digital Wallets, the most popular payment service. Citing the unknown sources, moreover the report says that WhatsApp did think about the mobile wallets, however, the draft of RBI instructions of March 2017, carries some uncertainties.
Another popular digital wallet Paytm has got more than 200 million users, but the latest RBI instructions have increased the few apprehensions related to the future potential of the company. While the RBI suggests that the interoperation would necessarily mean that the wallets can integrate with one another, and other rules may cause choking up in the sector.
The recent instruction’s set has increased the least capital need for the digital wallet service providers to almost five times to Rs 25 crore.
Another combative suggestion is the necessity of automatic closure for the mobile wallets having zero balance, which would change some users for each of the wallet service providers.
Considering the level of uncertainty, it seems quite logical that WhatsApp is trying to work a new payment method since it has been supporting the major banks of the world. The central part of India Stack API has been stressing UPI via high-level campaigns. WhatsApp said that the digital wallets would lead to the creating of the ability to know and elaborate the UPI, Aadhaar, and BHIM. The usage of UPI has been continually in the notice by bigger companies. It reached to 49 lacs transaction in March from 42 lacs transaction during February.