WhatsApp Payment Feature, A Major Concern to Nigerian Bank

This is variety of getting interesting every bit WhatsApp is non relenting inwards upgrading her services. Few days ago, WhatsApp introduced Payment feature inwards India together with it has started rolling out to users. Very soon, it volition hold upward available to Nigeria together with other African countries.

The payment characteristic is powered past times UPI which enables users to post together with have coin easily. With the novel service, users tin directly link their banking corporation concern human relationship to their WhatsApp concern human relationship via Unified Payments Interface (UPI) together with start out making payments straight to to a greater extent than or less other user’s banking corporation concern human relationship through a WhatsApp chat.

How It Works

Users tin locate the payment pick inwards Whatsapp past times tapping on the attachment push placed adjacent to the photographic tv set camera icon. After that, users volition come across the payment pick along amongst other options such every bit gallery, video together with others. Once clicked together with then a listing of banks volition look on the enshroud together with you lot together with then bring to lead the banking corporation to which banking corporation concern human relationship is beingness linked. After selecting the account, you lot volition but bring to verify it to post the money.

WhatsApp Payment Feature, H5N1 Major Concern to Nigerian Bank

You’ll yell upward that sometimes terminal year, Telcos urges Federal Government to ban WhatsApp because the activities of ‘over-the-top’ companies similar WhatsApp, Viber bring adverse effects on its concern together with affects the sustainability of Nigeria’s telecommunication industry.

Now, analyst are proverb if WhatsApp becomes real successful inwards payments, it may give-up the ghost a small bank of itself. In other words, if people attain upward one's heed to hold upward leaving coin inwards their wallets without moving them to their banking corporation accounts, almost banks would handle [liquidity issues]”As a Nigerian, why volition I give-up the ghost to the ATM to brand transfer that incurs charges or opened upward banking corporation digital wallet to brand transfer when I tin easily execute it direct from my WhatsApp application?

The representative peradventure worse for Nigerian banks because every bit Ekewe pointed out, almost Nigerian banks are enjoying growing transaction-based fees amongst ATM charges together with all kinds of charges including postage stamp duty on digital transfer.