WhatsApp will launch a “full feature” inter-bank Cash transfer service in India, its Largest market, after a test involving a million users, National Payments Corp of India said.
Friday’s announcement marks the de facto official launch of WhatsApp’s new service as NPCI is the body set up by the central bank and creditors to oversee payment solutions.
WhatsApp launched a limited service in India, in which it’s more than 200 million users, past week. The beta service uses customers’ phone numbers linked to bank accounts to facilitate payments and marks the first global foray into cash transfers by the Facebook-owned company.
Four banks will join join the multi-bank BHIM United Payments Interface (UPI) version – which powers the obligations support – and a complete feature product shall be published after the beta test is powerful, NPCI stated. At the moment, India’s third-biggest lender ICICI Bank processes the fund transfers on WhatsApp, the application reveals.
WhatsApp’s prevalence in India is very likely to pose a threat to established players, however it is entering a competitive marketplace following Alphabet Inc’s Google launched a payments app a year to compete with local players.
Paytm, that is endorsed by Alibaba and SoftBank expressed concerns regarding the security of WhatsApp’s new obligations agency in a statement published on Friday.