Sending money to your loved ones will be now as easier as sending instant message through WhatsApp. Facebook owned WhatsApp working on their next big update and it will gain strength for developing India which is trying for digital cashless economy. It is expected that WhatsApp will bring this update in next month till the end of February.
According to Economic Times considering 200 millions active users WhatsApp is going to start own digital payment system based on "Unified Payment Interface" (UPI) with the popular Indian banks like State Bank of India, HDFC Bank, ICICI Bank and Axis Bank. Report says it is currently being tested on beta stage with one of partner bank and will be released for in next month. There are some difficulties in integration such as ensuring various levels of encryptions to keep all data secure. It will be tested by some beta users first if everything goes right and then this feature will be available for all.
There are already some Apps available in India that are using UPI method for instant payment such as Paytm, Phonepe, Google's Tez, BHIM app etc. But once WhatsApp bring in this feature then it will create big competition for all considering popularity of WhatsApp. They got approval from goverment in July of 2017 for UPI.
Due to high popularity of the app all across the country, WhatsApp's payment feature has the ability tobring a huge segment of the country under the digital payment bracket.
