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Feb 09, 2018 03:39 PM IST | Source: Moneycontrol.com

UPI-based payments functionality seen in WhatsApp's new beta version

The new payment option will enable the Facebook-owned company to compete more effectively with fellow competitors such as Google’s Tez

Popular instant messaging service WhatsApp has been spotted with a UPI-based payment option on its beta version. While the company was reportedly testing the payment option for a while, it is the first time that a beta version has been introduced.

According to the report in Tech Crunch, though they have come up with the beta version it has not been given much publicity and is unlikely to be available widely soon. As per several reports, the beta version will support payments to a number of Indian banks including State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.

The shortcut for payments will be shown in a list of attachments that is seen alongside Documents, Gallery, Audio, Location, and Contact. When one taps on the ‘Payment’ option, the user is taken to a link that shows the UPI account, which the user has to create on the UPI app or the bank website.

According to some other reports, those users who have in fact gained access to this new feature will first need to configure the feature by verifying their phone number via SMS and choosing a bank.

The company had reportedly got approval last year from the Indian government to integrate UPI with its services. The new payment option will enable the Facebook-owned company to compete more effectively with fellow competitors such as Google’s Tez and Hike by Tencent.

It also will now be able to compete effectively with Paytm, the digital wallet platform which is also making serious efforts to expand its own business and market.

If the feature makes its way into the market it could bring drastic changes in country’s existing digital payments ecosystem.
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