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Nairaland Forum / Nairaland / General / Business / Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks (792 Views)
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Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by mhiztapaul(m): 1:53am On Feb 20, 2018 |
This is kind of getting interesting as WhatsApp is not relenting in upgrading her services. Few days ago, WhatsApp introduced payment feature in India and it has started rolling out to users. Very soon, it will be available to Nigeria and other African Countries. The payment feature is powered by UPI which enables users to send and receive money easily. 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. Users can locate the payment option in WhatsApp by tapping on the attachment button placed next to the camera icon. After that, users will see the payment option along with other options such as gallery, video and others. Once clicked then a list of banks will appear on the screen and you then have to select the bank to which bank account is being linked. After selecting the account, you will just have to verify it to send the money. WhatsApp Payment Feature, A Major Concern to Nigeria Bank You’ll recall that sometimes last year, Telcos Urges Federal Government to ban WhatsApp because the activities of ‘over-the-top’ companies like WhatsApp, Viber have adverse effects on its business and affects the sustainability of Nigeria’s Telecommunications Industry. Now, analyst are saying 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 moving them to their bank accounts, most banks would struggle [liquidity issues]” As a Nigerian, why will I go the ATM to make transfer that incurs charges or open bank digital wallet to make transfer when I can easily execute it directly from my WhatsApp application? 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. Read more ===> uniloringist.com
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Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by polimaf(m): 2:06am On Feb 20, 2018 |
Nice one... Banks better start learning blockchain technology asap |
Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by mecussey(m): 5:50am On Feb 20, 2018 |
blockchain is the future...banks are just bubbles that will soon burst. Ordinary mmm gave them sleepless night not to talk of when an average man understands how btc works. I am seeing an android btc app that will store your money and transact at ease. |
Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by Pavore9: 6:18am On Feb 20, 2018 |
Nice one. |
Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by kevoh(m): 7:18am On Feb 20, 2018 |
polimaf: mecussey: Chei, what are you guys doing in my head and re-echoing my thoughts? Mecussey forget btc, blockchain technology is what the banks should be scared of not it's old product (bitcoin) that could be phased out by a new project if scalability issues are not tackled and implented soon. |
Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by tosinjay(m): 7:36am On Feb 20, 2018 |
Issokay |
Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by polimaf(m): 12:20am On Feb 21, 2018 |
Google launched an app in India called tez... mecussey: |
Re: Whatsapp Introduced Payment Features, Now A Major Concern To Nigerian Banks by polimaf(m): 12:23am On Feb 21, 2018 |
kevoh:You are right, its not btc, its the technology behind it. Banks in Asia are beginning to look into it and sometimes last year, Austin Okere gave a speech on why banks in Nigeria shold depend on blockchain technology |
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