WhatsApp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, shows a new Beta update by the Facebook-owned mobile messaging platform.
According to a blog website WABetaInfo late on Wednesday, WhatsApp was finally giving shape to its plans towards bank-to-bank transfer using the UPI system.
In the new version '2.17.295' through the Google Play Beta Programme, it says: "WhatsApp Payments: the immediate bank-to-bank transfer with UPI."
The official "WhatsApp Payments" section for Android is still under development.
"In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy," the blog added.
Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform.
With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.
According to media reports, WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.
Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.
The NPCI announced in July that UPI has crossed the 10 million transaction mark last in June 2017, registering a 10-fold increase in 11 months from one million UPI transactions in August 2016.
"Transactions on UPI are growing exponentially due to increased acceptance among member-banks, merchants and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor," NPCI Managing Director and CEO A.P. Hota had said.
The firm said the volume of UPI transactions was at 10.35 million in June, up from 9.36 million in May and 7.20 million in April.
The UPI transaction system was launched in August 2016 with 21 banks and was now offered by around 50 banks. Hota said around 22 per cent transactions are merchant-based which is also growing rapidly.