WhatsApp rolls out payment transfer system

[Geek]

NEW YORK: WhatsApp has long been rumoured to be working on a peer-to-peer payments system, and it now appears to be ready for rollout.

Screenshots of the system, which appears to be called WhatsApp Payments, have been posted online by some users.
It isn’t widely available at the moment, some technology websites reported that it’s currently only available to a handful of WhatsApp users in India.

“Send and receive money securely with UPI,” reads a message in one of the screenshots.
UPI, which stands for unified payments interface, is a payments system used by a multitude of Indian banks.

Details about the WhatsApp Payments are scarce at the moment, but it appears that, after accepting the app’s terms and conditions, you have to verify your phone number and select your bank before you can start using the feature.

It should make it slightly easier to transfer money to your friends and family when you owe them. It should also make it easier to chase people for any money they owe you.

Facebook Messenger launched its own peer-to-peer payments system, which lets you send or request and receive money in chats, in the UK in November.

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[The Revolutionist]

Interesting and very convenient especially for those people who are living abroad.