The use of digital payments in India is rapidly growing, and keeping this in mind, WhatsApp is preparing to simplify its payment features. From now on, users will not need to repeatedly enter their PIN to make transactions using WhatsApp Pay. This new feature will make cashless transactions much easier for millions of users.
Making WhatsApp Payments Even Easier
According to media reports, WhatsApp is soon going to integrate UPI Lite into its payment functionality. This new feature is specifically designed for small and quick transactions.
What is UPI Lite and How Does it Work?
• UPI Lite is used for low-value transactions.
• This system does not require the core banking network, resulting in faster payment processing.
• Users can add funds to their UPI Lite wallet in advance, eliminating the need for repeated bank authentication.
• PIN entry is not required, making payments faster and smoother.
Growing Popularity of UPI Lite in India
This new feature in WhatsApp Pay will help it compete with existing market giants. Platforms like GPay, PhonePe, Paytm, and Samsung Wallet already offer the benefits of UPI Lite.
• The digital payment market in India is highly competitive.
• PhonePe currently leads with a 48% market share.
• Google Pay holds the second position with approximately 37% share.
• WhatsApp Pay is still striving to establish a b position in this market.
WhatsApp Pay Recently Received Major Approval
Recently, the National Payments Corporation of India (NPCI) allowed WhatsApp Pay to launch UPI services for all its users. Previously, the platform had a limit of 100 million users, but this has now been removed.
However, WhatsApp Pay has only reached 51 million users, which is approximately 10% of its total potential user base.
When Will This New Feature Launch?
WhatsApp's UPI Lite integration is still in the development phase and will be rolled out soon. However, the official launch date has not yet been announced. Once this feature is launched, making quick payments through WhatsApp will become significantly easier.
