In what could come as a good news for Whatsapp users, the chatting app can now be used to transfer money through the Unified Payments Interface (UPI) transaction system.
A new Beta update will enable the feature on the app. On Wednesday, blog website WABetaInfo said the messaging platform is in its final stage to introduce bank-to-bank transfer facility using the UPI system.
In the new version 2.17.295 , WhatsApp Payments is still hidden and under development, the blog reads.
"In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy," it adds.
The instant fund transfer between two bank accounts facilitated by UPI has been launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), says a report by IANS.
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WhatsApp has a user base of 200 million in India. Mobile messaging platforms like WeChat and Hike Messenger already have UPI-based payment services.
In July, the NPCI had announced that UPI has crossed the 10 million transaction mark last in June 2017, which was a 10-fold increase in 11 months from one million UPI transactions in August 2016, the IANS report added.
Currently, there are 50 banks who are members of UPI and out of them, 37 have developed their own UPI applications.
Last month NPCI MD and CEO AP Hota told PTI, "Some of the banks instead of applying, have asked their third-party service providers to develop the app and make their bank as the acquiring bank.. Truecaller, PhonePe, Chiller- there are sixteen such big fin-tech companies."
