Social media messaging giant, the WhatsApp is set to roll out a payments system to users across the regular version of its application within a week or so, according to Bloomberg.
WhatsApp has partnered with a number of banks to make its new payments system possible.
Bloomberg reports that WhatsApp wouldn’t launch the service until it had at least four major banks backing it up.
Bloomberg said “if you owe anybody money, now is the time to block them on WhatsApp!”
The beta WhatsApp payments used a UPI-based money transfer system that allowed users to make peer-to-peer bank transfers across the messaging platform.
Back in August of last year, WhatsApp added a mobile payment system to the beta version of its app.
With HDFC Bank, ICICI Bank, Axis Bank and SBI all behind it, WhatsApp feels free to push on with the wider roll-out of the project.
Digital payments have become big business over the last few years, so it makes sense for WhatsApp to try and break into the market.
If the messaging giant can produce a seamless experience that doesn’t take away from its core purpose, then digital wallet and payment apps like Paytm, Google Tez, etc. will have to start looking over their shoulders.