WhatsApp ventures into the electronic money transfer arena

The National Payments Corp of India (NPCI) announced over the weekend that an inter-bank transfer service by the messaging app WhatsApp is underway in the country.

Reports on the matter indicate that a “full feature” interbank transfer service by WhatsApp will be rolled out after a test phase that involves one million users comes to a conclusion.

The reports note that the service entails linking a WhatsApp user’s phone number to bank accounts as a means to address payments and/or money transfer tasks. The service stands as the first money transfer service by WhatsApp, a Facebook-owned messaging app-andservice suite. one could easily get photos via a Google image search.

A number of tech journalists have also opined that the move seems to be aimed towards steering users to a website where an image is hosted, thereby drive engagement statistics (such as page views) to a website. More information on the change is hosted on Google’s official online channels.

Concerns pertaining to interbank transfers in India have been raised following the announcement. Outside of India, reactions towards the announcement are tinged with eager interests – mostly inquiring if the service, should it prove to be successful in India (WhatsApp’s biggest market) will be brought to other countries.