Soon, you will be able to make instant money transfer through WhatsApp

WhatsApp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, shows a new Beta update by the Facebook-owned mobile messaging platform.
 
According to a blog website WABetaInfo, WhatsApp was finally giving shape to its plans for bank-to-bank transfer using the UPI system.
 
The new version '2.17.295', through the Google Play Beta Programme, says: "WhatsApp Payments: the immediate bank-to-bank transfer with UPI." The official "WhatsApp Payments" section for Android is still under development.
"In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy," the blog added.
 
Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform.
 
With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.
 
According to media reports, WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.
 
Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.
 
The NPCI announced in July that UPI has crossed the 10 million transaction mark last in June 2017, registering a 10-fold increase in 11 months, from one million UPI transactions in August 2016.
 
"Transactions on UPI are growing exponentially due to increased acceptance among member-banks, merchants and consumers. Plus, the UPI-powered Bharat Interface for Money (BHIM) has also been a significant contributor," NPCI Managing Director and CEO A.P. Hota had said.
 
The firm said the volume of UPI transactions was at 10.35 million in June, up from 9.36 million in May and 7.20 million in April.
 
The UPI transaction system was launched in August 2016 with 21 banks and was now offered by around 50 banks. Hota said around 22% transactions are merchant-based which is also growing rapidly.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder