Social media payment infrastructure likely to consolidate into UPI

As Facebook is beta-testing mobile recharges through its Messenger app, social media payments have become an integral part in the Indian payments space with the presence of other global players such as Google Tez and WhatsApp Pay.

“Social media payments would become a mainstream offering within the next 12-18 months, with a more robust infrastructure and technology. Earlier, it used to only be authentication through social media, and not actual payment transfer through social media,” said Sachin Sheth, Partner, Financial Services, Advisory, EY.

Payment through social media is a feature that banks and wallets have been offering for quite a few