Come February, sending money could be as simple as sending a text message. Instant messaging platform WhatsApp may make its digital payment debut in India next month, .
According to a media report, the Facebook-owned chat app is working with top lenders including State Bank of India, HDFC Bank, ICICI Bank and Axis Bank to integrate a Unified Payments Interface-based solution.
UPI is a real-time payments system developed by the National Payments Corporation of India (NPCI) that enables digital transactions between banks.
“The platform is already in beta stage (testing) with one of its partner banks,” the report quoted one of the above-mentioned persons as saying. “We expect the product to go live for consumers by the end of February, depending on how the trials work out.”
The report also quoted an unnamed banker who said security tests were being conducted. Once this is done, the system will be integrated and tested out among some beta users before being rolled out to the public.
