WhatsApp planning to launch a UPI-based digital payments service in India

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Post demonetization in India, if there is one business venture that has succeeded magnificiently, it is the mobile payments service. So much so, that it seems like many companies are waking up to this fact and are keen to venture into this field. Just last month, Samsung launched its Samsung Pay in India. Now, The Ken, has reported that WhatsApp is apparently working on bringing a mobile payments system on its app soon. The company is said to be in the planning stage of launching a peer-to-peer payment system in India which will be powered by the Unified Payments Interface (UPI). The report also added that this feature is likely to see the light of day in the next six months.

Earlier this year in an interview with the Times of India, WhatsApp’s co-founder, Brian Acton had mentioned that the company might foray into digital payments soon and that it was already exploring this segment. On parallel lines, the company is also said to be on the lookout for a new head of digital transactions with experience and skill in UPI, Aadhaar and BHIM payment systems. The Ken report also added that RBI’s recently released March 20 guidelines have caused the company rework on its initial plan. 

WhatsApp is one of the most popular messaging apps in the country with a user-base of almost 200 million people. If this service comes into play, it is likely to be dominant force within the current crop of mobile payments services such as PayTM and Samsung Pay.