Hike rolls out payment wallet within platform

By Sricharan R Published on Jun 21, 2017 02:20 PM IST

Hike messaging app rolled out an in-app electronic payments wallet recently in a bid to cash in on rising digital transactions. After demonetisation, e-payments have surged in India and wallets such as Paytm have grown rapidly.

Hike's wallet is the first such service by a messaging platform in the country and comes ahead of a possible launch of a payment facility by WhatsApp later this year and the messaging app joins a plethora of apps that support UPI-based payments and digital wallet businesses like Paytm, MobiKwik and PhonePe.

Truecaller recently launched P2P mobile payments in March.

Hike said its wallet will allow instant money transfer among its users and enable fund transfer to banks using United Payments Interface (UPI) system. And the company has said it has partnered with Yes Bank to facilitate money transfers. Besides mobile phone bill payments and traditional wallet-to-wallet transfers, Hike will also allow its users to send blue packets (an envelope that contains digital money) to friends.

The move is part of a strategy to create an ecosystem of individuals and merchants, where merchants pay the platform for each transaction by a customer. Tencent’s WeChat, China’s largest social media app, has pioneered the model and is widely used for P2P, e-commerce and merchant payments in China.