Whatsapp Pay – A new android based peer to peer (P2P), Unified Payment Interface (UPI) payment solution by messaging application Whatsapp. Whatsapp is launching two products cater for businesses in coming week they are Whatsapp Business and Whatsapp Pay. If both the products are linked together, it will revolutionized the digital push in the country.
Whatsapp Business is the business application for connecting customer with merchants through messaging application in real time, where orders or request can be booked from customer and payment can be processed through Whatsapp Pay, supporting the UPI based platform from any of the bank accounts. Whatsapp is launching the application with the support of major banks of the country, including HDFC Bank, ICICI Bank, Axis Bank and State Bank of India.
The service has already reached the beta stage of testing with one of its partner banks. The two sides are reportedly testing various aspects of the integration, especially security & settlement of funds with customer’s bank account.
Earlier, WhatsApp had received the payment approval from NPCI to integrate UPI into its messaging platform in July last year. Google has also launched the UPI based application Tez. The local Indian messaging application Hike has also launched a payment based solution ‘Total’. Hike has reported the 10 million transactions in November through it.