WhatsApp Introduced Payment Feature, Now a Major Concern to Nigerian Banks

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.
whatsapp payment feature introduced in india
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 Nigerian 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.
whatsapp pay

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 without moving them to their bank accounts, most banks would
struggle [liquidity issues]”
As a Nigerian, why will I go to 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.
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32 thoughts on “WhatsApp Introduced Payment Feature, Now a Major Concern to Nigerian Banks

  1. This really is getting interesting… This is what happens when you offer bad and unsatisfactory services while draining people of their hard earned cash all in the name of charges. The gap and problem needs to be fixed by someone else… Whatsapp doing great, and thanks for the update.
    I hope it rolls out soonest

  2. Hmmmm, this will definitely be a serious threat to Nigerian banks, but they will still be relevant because at least you still need to make the cash deposit before you can then transfer the money to your whatssap wallet unless whatssap create paypoint centres like paga where you can make deposits straight to your whatssap wallet without going through the banks.

  3. Please Yomi, I need your help. My play store is no longer opening on my Techno Camon CX. I noticed it when I started playing Candy Crush by changing the date and time of my phone. Please how do I get my play store working again.

  4. Thank you guys. It has started working again. Yomi, you are 1 inside 1million naira, without you, 1million naira will be 99999..
    I sincerely appreciate

  5. Ikenna, you are funny. We must enjoy it by fire that goes with force. Let the innovations keep rolling in. That's what we want. I see a world where data will be free and unlimited.

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