After Airtel and PayTM, WhatsApp has planned to come up with Payment bank service in India. Being one of the largest social messaging app, it will be easy for them to reach customers. Currently, WhatsApp has more than 1 billion subscribers worldwide and 200 million Indian subscribers and beats other competition by a long margin.
There are rumors that Facebook-owned Whatsapp will launch UPI-based cross bank payment system. It will be Indian government approved system allow users to go cashless easily.
Brian Acton, one of the WhatsApp co-founder said that they are in early talks with the government of India and how it will be incorporated.
WhatsApp in the United States already includes payment support. So that will make the transition easier to enable UPI-based payment services in India.
Truecaller also introduced the user to user payments in India very recently.
- It will offer good interest on money in your Whatsapp eWallet account.
- Wallet and Mobile wallet services
- Savings Account balance
- Zero balance account
- Bank to Wallet transfer facility
- Exciting cashback offers
- Peer to Peer payments in India
Just like Airtel, WhatsApp once when launched will be offering exclusive discount and cashback offers for using their payment banking services.
WhatsApp payment app might be released in Q3, 2017.
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Payment through whatsapp