Whatsapp which is still struggling to Add more features like that of Telegram has finally Introduced a Payment System into its messaging App in India – These service enables all users to transfer and send money from one person to another.
After this feature has been tested out and confirmed in India, it will be rolled out to Nigeria and other African countries and though this will have profound effect on banks already hemorrhaging from revenue losses.
Using this payment feature you can now link your bank account with your whatsapp via Unified Payments Interface (UPI) and begin making payments straight to another user’s bank account through a WhatsApp chat.
According to a spoke man Ndubisi Ekewe who is familiar with the development, Saying that banks have everything to worry about the risks.
“The telcos have hated the global messaging app; now the banks join the fray. The risk to banks is clear: if WhatsApp becomes very successful in payments, it may become a small bank of itself. In other words, if people decide to be leaving money in their wallets without moving them to their bank accounts, most banks would struggle [liquidity issues]” Ekewe Said.
The case maybe worse for Nigerian banks because as Ekewe pointed out, most Nigerian banks are enjoying growing transaction-based fees with ATM charges and all kinds of charges including stamp duty on digital transfer.
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