WhatsApp Integrates Payment Features, What Do You Think Will Happen To Nigerian Banks?

Whatsapp has never relented adding mouth watering features to their updates. WhatsApp has  rolled out payment features in India and the update is starting to trend across all countries. Very soon, it will be avaliable in Nigeria and other African countries.
The payment features is powered by UPI which allows you to link your bank account to your WhatsApp and you send and receive payment at the go right from your WhatsApp messenger.

Users can get the payment feature right beside the camera icon. Once clicked you will see the payment features and it will ask you to choose preferred bank you want to send money to. Afterwards, you verify with the linked bank account and you send your money.

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What Will Happen To Nigerians Banks?

Ekewe pointed out that nigerian banks are enjoying transaction-based fee with ATM charges and other stamp duty. But instead of the ATM charge and stamp duties, people can execute business transactions from the comfort of their beds with the WhatsApp application with no charges.

According to analyst, if WhatsApp becomes successful with the payment features, people will no longer keep their money inside bank account again as they will prefer to keep inside wallet which will leads to bank liquidity issues.

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