WhatsApp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, shows a new Beta update by the Facebook-owned mobile messaging platform.
According to a blog website WABetaInfo late on Wednesday, WhatsApp was finally giving shape to its plans towards bank-to-bank transfer using the UPI system.
In the new version ‘2.17.295’ through the Google Play Beta Programme, it says: “WhatsApp Payments: the immediate bank-to-bank transfer with UPI.”
The official “WhatsApp Payments” section for Android is still under development.
Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform.
With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.
According to media reports, WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.
Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.