WhatsApp to Launch ‘Full Feature’ Money Transfer Service in India

Pexels.Com

Messaging service WhatsApp will open a money transfer service in India, after testing it with a million users, the National Payments Corp of India said last week.

WhatsApp, which currently has over 200 million users in India (making that country WhatsApp’s biggest market), has launched a “limited” service that makes use of a customer’s phone number, linked to their bank account, to initiate payments.

Four banks in India have joined the payments service so far, including ICICI Bank, which processes the transfers for the app.

The WhatsApp platform is currently owned by Facebook.

Read more at Reuters and AndroidHeadlines.

To learn more about the latest developments in mobile payments and Indian fintech, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to register.