Now pay money through whatsapp.

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Now pay money through whatsapp.

 

 Whatsapp is all set to launch a inter-bank money transfer service in India which is its biggest market.

WhatsApp launched a limited service in india where it has more than 200 million users. The beta service uses customers’ phone numbers linked to bank accounts to complete the payments.

 Four banks will join join the multi-bank BHIM United Payments Interface model – which powers the payments service. And a full feature product shall be released after the beta test is successful, 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.

In India cashless economy got a boost after Prime Minister Narendra Modi  government banned old high-value currency notes in late 2016, leading to a increase in online payment providers such as paytym, the biggest in India.

Paytm, which is backed by Alibaba and Softbank expressedconcerns about the security of whatsapp’s new payment service in a statement released on Friday.