New WhatsApp Beta version shows UPI payment feature for instant money transfer

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The most used communication app Whatsapp is now turning to be the Payment App by introducing the UPI Payment system.

WhatsApp is working on adding payments via UPI to its app, and it looks like this could be out soon.

As per a blog in the WABetaInfo, WhatsApp is testing a new feature wherein it will allow users to make bank to bank transfers using UPI.

According to WaBetaInfo, the payments feature will run on WhatsApp version 2.17.295. So, the transfer will be instantaneous because of UPI which works on IMPS protocol. It further explains the process- users need to agree with the WhatsApp payments and bank terms and privacy policy by tapping on the agree button. The report adds the feature is "hidden and under development", so even if you have the beta version of WhatsApp you might not see the feature just yet. For WhatsApp, the discussion for UPI integration has already commenced where as for Facebook discussions are on preliminary stage. However, the final approval will have to come from RBI.

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Ever since the government announced demonetisation of old Rs 1000 and Rs 500 notes in November a year ago, digital payment adoption has seen an exponential growth in India.

Earlier, The Ken had reported that WhatsApp was planning to launch mobile payments within the next six months.

Facebook introduced the person to person payment feature way back in 2015 and now the feature has expanded to groups as well.

Payments Bank Paytm is reportedly looking forward to launching its new messaging service to compete with WhatsApp by the end of August. Although, WhatsApp's competitors such as WeChat and Hike Messenger already support payment services; the former has over 200 million active users and since it already is working on a separate Business app, where small business owners can get in touch with their customers, the digital payments in India will be receiving a big push.

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