Whats APP to introduce peer-to-peer online payment system
Whats APP, the revolutionary mobile app that almost killed the SMS market is set to launch it’s own digital peer-to-peer UPI Based payment solution.
Brian Acton,Co-Founder of WhatsAPP visited India in Feb 2017, where he gave a hint that the company is looking into developing online payment solutions and agrees to support the vision of Digital India.
The peer-to-peer online payment solution is likely to be supported on the Unified Payment Interface (UPI) rather than the current trend of online digital wallets. It is expected to launch within six months.
Unified Payment Interface
UPI is a simple online transaction based platform where a person can transfer it’s fund directly to another person using a smartphone. Each user who uses UPI based mobile app to transact online, he/she gets a unique address or a key. This key is used to receive payments. Like if some one wants to send an e-mail to a person, he must enter the unique email address of that person, similarly if a user want to pay online through UPI powered mobile app, he/she needs to simply enter the payee’s key and the amount he/she wishes to send.Before transacting , the user must link his bank account to the UPI app.
This revolutionary and easy to use system was introduced by Raghuram Rajan, former RBI Governor back in 2016. It has also been adopted by various top level banks of the country such as State Bank of India (SBI), Punjab National Bank (PNB), Axis Bank , ICICI Bank ,etc.
It is believed that using UPI based mobile app to make payments has made it convenient ,easy and hassle free to make payments online.
Apart from this, Bharat Interaface of Money (BHIM), another UPI based mobile app for making payments online was introduced by our Honorable Prime Mininster, Shri Narendra Modi In December 2016 during the demonetization phase, to encourage people to become digital and start using digital services.
While WhatsApp is not the only one to introduce online payment solution, the country has already a list of mobile apps that provides online payment solution.
Paytm, the most used online payment solution in the country is the biggest player in the market. Paytm is an online digital wallet where a user can load his account with funds by linking it to bank’s savings account. This amount then can be transferred to anyone who uses Paytm.
Paytm was recently in a big news, where in the Reliance group sold it’s stake in Paytm to Alibaba group for around 270-290 crores, which was bought for just Rs 10 crore.
Apart from Paytm, Freecharge ,Mobiquick, Phone pe are also some of the similar products that can be used for making payments online.
One interesting online payment solution that must be mentioned is BITCOINS.
Bitcoin is an online digital peer-to-peer CRYPTO CURRENCY that is gaining huge popularity around the world. It is believed to be the most strongest currency at present, surpassing even dollar,euro,riyal,etc. Valued around $1130 on all global exchanges, it is nearly around Rs 76000 in India for one Bitcoin. (as on 5/4/2017).
Like any other online payment solution, Bitcoin can also be transferred to any person around the globe by entering the payee’s receive key.
KryptoMoney.com, believes that if Whats app killed the SMS market, Bitcoin will surely give a huge competition to old traditional fiat currency system.
Click here to read more about Bitcoins.
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