New Delhi, Mar 14: Soon you can pay through the most popular chatting application WhatsApp. India’s third largest private sector Axis Bank has said that it will soon begin processing of payments through UPI based  Whatsapp Payments, which arrived in India early in February and is currently in beta mode.

With this Axis bank will become country’s first bank to make payments through Whatsapp. This new feature will allow WhatsApp users to send and receive money from within the app in the same way as people use to do it through Paytm, Mobikwik and other payments services. Industry estimates peg the number of Indians on the Whatsapp platform to be close to 250 million.

Axis Bank’s executive director for retail banking, Rajiv Anand, said  that we are in the process of integration for Whatsapp. It is currently running the beta version. But, the full version, we are hoping, will come within the next month or two.

The scramble to get on to UPI-based payments systems is being primarily driven by the potential for growth seen in the segment and, according to Axis Bank, they have already become market leaders with a 20 per cent market share in the UPI space.

According to media reports, WhatsApp privacy policy, users will have to agree to the Payments Terms when they decide to use the particular feature. If a user want this feature, they he or she must first verify their phone number via SMS and then choose a bank. After the completion of the configuration, the option to send a payment becomes available.

(With agency inputs)