Whatsapp Digital Payment System | Launch NEW Peer to Peer Payments: In this digitalized world, messages can be sent instantly to any corner of the world. The chatting application WhatsApp makes it easy to share images, messages and chat for free. This being one of the popular application, it is trying to make India digitalized even in its payments. Hence, WhatsApp digital payment system will be soon launched making it much easier for transactions.
In order to make digital India, WhatsApp is working hard to bring peer- to- peer payments. Hence, it is working together with National Payment Corporation of India about digital payment transactions. So, the idea behind this application is to provide user-to-user service. It will be completely based on unified payment interface that is UPI.
The launch of WhatsApp digital payment system
WhatsApp officials are working to bring out digital payment service by the end of this year. As per the news founder of WhatsApp Brian Acton had visited India to discuss their idea of digital payment system with government officials. Then they have received the approval to integrate WhatsApp digital payment system. Already this application is being tested once the results are positive then it goes live within few days.
How secure is WhatsApp digital payment?
Security is the most important factor that is considered while doing any financial transactions. Hence, it is utmost important to maintain high security while payments are being done through social media applications. So all necessary steps are taken to maintain security while the amount is being paid through this application. WhatsApp maintains good security in the digital payment system.
In order to provide better security, it is essential for an application or any software to undergo encryption process. In most of the cases, there will be different levels of encryption to maintain security. In terms of security, WhatsApp will be going through the 256-bit encryption process. This helps its users to trust WhatsApp for payments in terms of security.
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Applications like WhatsApp offering digital payment
WhatsApp has recently launched digital payment, but there are many other applications. All the popular social applications have digital payments facility. Hence, peer-to-peer money transfers make transactions quicker and easier. Here is the list of some applications that carry out digital payments.
Paytm is one of the applications that allow digital payments. It is designed to provide peer-to-peer transactions. This application makes the transactions with the help of a single message. It also offers UPI transactions.
The hike is one of the famous messaging application. This application also allows making digital payments. The transactions on this app are carried out using wallet feature. All the transactions are for peer-to-peer.
Facebook another famous social media site. This also carries out digital payments. All the transactions are carried out using peer-to-peer communication.
Apart from the above mentioned, there are other applications also which allows digital payments. The only difference is that they differ in the name called such as the wallet. WhatsApp digital payment system will be collecting metadata. All this data is used to drive some of the targeted advertisements, in the same way as Facebook does.