WhatsApp will launch a “full feature” inter-bank money transfer service in India, its biggest market, Following a test involving a million Consumers, National Payments Corp of India said.
Friday’s announcement marks the de facto official launch of WhatsApp’s brand new service as NPCI is the body set up by the central bank and lenders to oversee repayment solutions.
WhatsApp established a limited service in India, where it’s more than 200 million consumers, last week. The beta service utilizes customers’ phone numbers linked to bank account to facilitate obligations and marks the first global foray into money transfers by the Facebook-owned company.
Four banks will join join the multi-bank BHIM United Payments Interface (UPI) version – that powers the obligations service – and a complete feature merchandise will likely be released after the beta test is successful, NPCI said. At present, India’s third-biggest lender ICICI Bank processes the finance transfers on WhatsApp, the program reveals.
WhatsApp’s prevalence in India is very likely to pose a threat to established players, but it’s entering a competitive market after Alphabet Inc’s Google established a payments app last year to compete with local players.
Paytm, that is backed by Alibaba and SoftBank voiced concerns regarding the security of WhatsApp’s brand new obligations service in a statement released on Friday.