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WhatsApp likely to integrate UPI transaction system
Posted on: 24/Jun/2017 1:05:21 PM
WhatsApp is in discussions with the State Bank of India, National Payments Corporation of India and a few other institutions. This is to integrate peer to peer payment system to the app, says recent reports.
It is believed that the system will be functional on Unified Payments Interface. This was introduced by governor or Reserve Bank of India Raghuram Rajan in 2016. With UPI, it is possible to settle funds between banks through mobile platform.
For this, banks will have to merge their system along with WhatsApp. The messaging platform will then be able to identify receipt and make funds settlement between parties right within the app. Reports state that banks are at proof of concept states now for linking their system with the platform. If WhatsApp succeeds in integrating the UPI on the platform, this will not be the messaging app to make such a move in India. There are other messaging apps like Hike that have already launched mobile payment services like Hike Wallet. This will allow instant money transfer to client and make funds transfer with the help of Unified Payments Interface system.
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