Hike rolls out India's first payment wallet within messaging platform | Reuters

By Sankalp Phartiyal | MUMBAI MUMBAI Indian instant messaging platform Hike rolled out an in-app electronic payments wallet on Tuesday in a bid to cash in on rising digital transactions, replicating similar services offered by its backer Tencent Holdings in China.

Reuters June 20, 2017 21:52:23 IST
Hike rolls out India's first payment wallet within messaging platform
| Reuters

Hike rolls out Indias first payment wallet within messaging platform
 Reuters

By Sankalp Phartiyal
| MUMBAI

MUMBAI Indian instant messaging platform Hike rolled out an in-app electronic payments wallet on Tuesday in a bid to cash in on rising digital transactions, replicating similar services offered by its backer Tencent Holdings in China. E-payments have surged in India since a shock ban of high-value bank notes in November last year. Providers such as Paytm, backed by Alibaba and SoftBank Group, have rapidly increased their share of the market amid predictions it will jump nearly 10 times to $500 billion by 2020.Hike's wallet, however, is the first such service by a messaging platform in the country and comes ahead of a possible launch of a payment facility by Facebook-owned WhatsApp later this year.Hike said its wallet will allow instant money transfer among its clients and enable fund transfer to banks using the government-backed United Payments Interface (UPI) system.

The startup has been looking at Tencent's WeChat services in China and finding ways to adapt them to India's digital payments market, said Hike Chief Executive Kavin Mittal."For sure we talk to Tencent quite often, we are inspired by them and it's great to have them as a partner," Mittal told Reuters in an interview.Hike has partnered Indian private sector lender Yes Bank to facilitate money transfers to banks using the UPI system, Mittal said.

Besides mobile phone bill payments and traditional wallet-to-wallet transfers, Hike will also allow its users to send "blue packets" or envelopes containing digital money to friends, a feature borrowed from WeChat's "red packets".Hike, part of India's Bharti Enterprises, says it has more than 100 million registered users.

It was launched in December 2012, and has raised over $260 million from investors including Tiger Global, Tencent and Bharti SoftBank - a joint venture between Japan's SoftBank and Bharti Enterprises.Headed by Mittal's father, billionaire Sunil Mittal, Bharti Enterprises' businesses include top Indian mobile carrier Bharti Airtel and joint ventures in insurance and renewable.Paytm is India's biggest electronic wallets provider with 225 million clients. Swedish communications app Truecaller, which has a large user base in India, also started a mobile payment service in the country this year based on the UPI platform. (Reporting by Sankalp Phartiyal; Editing by Devidutta Tripathy and Himani Sarkar)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Global equities break record as U.S. stocks waver after manufacturing data
Business

Global equities break record as U.S. stocks waver after manufacturing data

By Katanga Johnson WASHINGTON (Reuters) - Global equities set both an intraday high and record close on Tuesday as markets as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation while Wall Street's main indexes wavered before ending little changed. Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn Energy shares were among the best performing during the session as the OPEC+ alliance agreed to hike output in July and gave a bullish forecast.

Zoom beats quarterly revenue estimates on steady demand
Business

Zoom beats quarterly revenue estimates on steady demand

(Reuters) - Zoom Video Communications Inc reported better-than-expected quarterly revenue on Tuesday, benefiting from steady demand for its video-conferencing platform as people wary of the pandemic continued school and work from home. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups.

Cyprus sees nationalists gain in parliament vote
World

Cyprus sees nationalists gain in parliament vote

By Michele Kambas NICOSIA (Reuters) -Cyprus's ruling conservatives emerged as winners but failed to get an absolute majority in a parliamentary election on Sunday, with voters turning to smaller parties, including a right-wing party with links to Greece's now outlawed Golden Dawn.