WhatsApp to launch a “full feature” inter-bank money transfer service India

Vastavam web: WhatsApp will launch a “full feature” inter-bank money transfer service in India, its biggest market, after a test involving a million users, National Payments Corp of India said.Friday’s statement marks the de facto official launch of WhatsApp’s new service as NPCI is the body set up by the central bank and lenders to oversee payment services.

Four banks will join United Payments Interface (UPI) – which powers the payments service – for WhatsApp, NPCI said. At present, India’s third-biggest lender ICICI Bank processes the fund transfers on WhatsApp, the application shows.WhatsApp’s popularity in India is likely to pose a threat to established players, but it is entering a competitive market after Alphabet Inc’s Google launched a payments app last year to compete with local players.