Whatsapp has introduced payments to its messaging app in India, making it the latest service to let users transfer money to one another with a text.

After the pilot in India, this peer-to-peer payments, would be available in Nigeria and other African countries and it will have profound effect on banks already hemorrhaging from revenue losses.

With the new service, users can now link their bank account to their WhatsApp account via Unified Payments Interface (UPI) and begin making payments straight to another user’s bank account through a WhatsApp chat.


According to Ndubisi Ekewe, who is familiar with the development, banks have everything to worry about the risks to banks are clear.

“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 added.


In Nigeria, the rise and popularity of over-the-top (OTT) services has taken a huge toll on the bottom line of telcos across the globe. The OTT services include instant messaging, voice/ video calls and others.

Association of Licensed Telecommunication Operators of Nigeria (ALTON), the industry body of all licensed telecoms operators and infrastructure providers, by the consumers, the regulator and the policy makers, has lamented the impact of OTT on the bottom line of carriers.

Gbenga Adebayo, chairman, said OTT utilise traditional Mobile Network Operator (MNO) infrastructure to offer social networks, voice and instant messaging services to retain users’ loyalty and drive stickiness with a view creating large on-line communities and eventually attract huge advertisement revenues.

The MNOs have neither rights nor control over the OTT services, as customers have the discretion to use the internet as they like.

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.

http://www.akelicious.com/2018/02/whatsapp-adds-payment-to-its-messaging.html

Eziokwu?

Long overdue

I hope this gets to Nigeria soon. It's time to drop all these failing bank mobile apps.

YAHOO BOYZ go dey dance one corner for this news..

Considering the fact that whatsapp app is yet to be embedded with basic security features, this would only lead to whatsapp account hacking.

I'm also sure our naija cabals will maximise this opportunity to move funds around.

"With the new service, users can now link their bank account to their WhatsApp account via Unified Payments Interface (UPI) and begin making payments straight to another user’s bank account through a WhatsApp chat."

Hope it's safe?

They are tired of gathering social information, now it's financial info

Good one

MORE FINDINGS ON THIS

Good

If this one enter naija , guyz don die be that. Na so guys go dey hide their last seen and go dey fear to come online bcoz Chinenye,Remi,Judith and co no go let men rest with money transfer request

Its time for a won omo wobe to start hacking WhatsApp account now...

Hmmm... Science and technology the only God we know.

Can't wait..

India?

This will be the biggest sh.it ever..... Paypal can suck it

Programming is life.

debolayinka:
I hope this gets to Nigeria soon. It's time to drop all these failing bank mobile apps.

Not only that, this will be a useful by pass to PayPal!

Vince77:
Programming is life.

Money is life

That is good. Another Bitcoin wallet to hide from the government and bank

Who gives a flying hoot what and how the banks and telcos feel? They are bloody rip offs. They provide poor services, yet we still pay for those poor services because we have no choice
Whatsapp for instance has made communication-
messaging and calling cheaper for the savvy ones. I personally just subscribe for my data plan and use the call feature in the app to make calls.
Now the in-app payment feature? Brilliant! In the long run, it's the customer that wins. The banks and telcos can take a hike for all we care

Always copying BBM and Telegram

Nice !

I won't be quick to jump in happiness until I know that it's safe. But I pray it is. The charges are too much. Fidelity bank even charged me maintainace fee for my atm card that has expired. Lol.

Tech the new deal, just hope my babe don't venture on my WhatsApp again.

nice development.



check out my signature

goooood

Till I understand and feel am

You go dey chat with these girls now and they will be like send me money na since we both online chatting... i no want abeg.. WhatsApp carry ur wahala and go.

Where the money dey? Good for Yahoo boys.