Instant messaging platform whatsapp is set to trial an inter-bank money transfer service in India. How long before the service is adopted across Asia?
Following a test involving a million users, whatsapp will launch an inter-bank money transfer service in India, according to a statement from National Payments Corp of India (NPCI).
Four banks will join united payments interface which powers the payments service for whatsapp, in phases NPCI said. India’s third-largest lender ICICI Bank currently processes the fund transfers on whatsapp.
The service uses customers’ phone numbers linked to bank accounts to process payments and marks the first move into money transfers by the Facebook-owned company which has more than 200 million users in India.
