Hike launches wallet, UPI payment

Claudine Rigal
Juin 20, 2017

Digital transactions in India have surged after Prime Minister Narendra Modi's shock ban of certain high-value bank notes in November that accounted for almost 85% of the country's currency in circulation at the time. Providers such as Paytm, backed by Alibaba and SoftBank Group, have rapidly increased their share of the market amid predictions it will jump almost 10 times to $500 billion by 2020.

With more than 100 million registered users now on Hike Messenger, this launch makes Hike the largest UPI based platform in India overnight.

The wallet will enable bank-to-bank money transfer via unified payments interface (UPI), Hike said on Tuesday.

WhatsApp, owned by Facebook Inc, had been preparing to enter the digital payment sector in India, its first such offering globally, and had advertised to hire a digital transactions lead in the country.

"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.

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.

Paytm is India's biggest electronic wallets provider with 225 million clients.

With the launch of Hike 5.0, Hike has also reduced the app size to just 25MB despite adding all these features and has also added 128-bit SSL encryption that ensures that communication across the air and wire networks, is completely encrypted.

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