WhatsApp 'Full Feature' Money Transfer Service Launching in India
HIGHLIGHTS
WhatsApp will launch a "full feature" inter-bank money transfer service
WhatsApp has been testing a UPI-based payments solution in India
WhatsApp's popularity is likely to pose a threat to established players
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.
WhatsApp launched a limited service in India, where it has more than 200 million users, last week. The beta service uses customers' phone numbers linked to bank accounts to facilitate payments and marks the first global foray into money transfers by the Facebook-owned firm.
