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WhatsApp may launch a peer-to-peer payment system in India and is likely to be powered by the Unified Payments Interface (UPI).
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India’s most popular messenger service announced that it had crossed 200 million monthly active users in India and a payment system integrated into the app would be a significant update and could open up new use cases.
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The company has about 1.2 billion active users across the globe.
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UPI is an inter-bank payment protocol that enables instant payment from any account to another account, using any allowed authentication credential, for a specific transaction context.
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Currently, UPI is enabled on smartphones (PSP and BHIM apps) and feature phones (*99# Unstructured Supplementary Service Data) for transferring money instantly from bank account to any other bank account. This is where WhatApp plans to plug its payment system.
Source: http://bit.ly/2nEVHLn
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