Homegrown messaging app Hike on Tuesday rolled out its payment wallet — Hike Wallet — which enables peer-to-peer (P2P) transfer of money besides recharge of mobile phones, as it looks to cash in on the growing digital transactions in the country. With this, the company has also rolled out an updated version of the messaging app. The move towards enabling digital payments comes ahead of rival WhatsApp, which is also working on foraying into digital payment services later this year. “The updated app — Hike 5.0 — will allow free and instant bank-to-bank transfer via Unified Payments Interface (UPI) as well as recharge mobile phones in case of pre-paid users. The roll-out to Android and iOS (Apple) users will be completed by June 25, while the wallet feature will be made available to Apple phone users by end of July,” said Kavin Bharti Mittal, founder and CEO, Hike Messenger.
Users are also allowed to send digital blue packets or envelopes containing money to their friends, through the wallet. The messaging app, which claims to have an user base of 100 million, has tied up with Yes Bank for the roll-out of the wallet.
When asked if the company will onboard merchants to enable consumers to pay using their wallets, Mittal explained that the focus is on making payments social. “The features will work with the QR code rolled out to merchants (under the direction set by the Reserve Bank of India), thus enabling people to make payments seamlessly by just scanning the QR code and pay using their Hike wallets,” he added. He however, declined to comment on the volume of transactions expected on the platform. Hike, which competes with the likes of WhatsApp and Facebook messenger, had raised $175 million in funding last year, led by Tencent Holdings and Foxconn Technology Group. The company was valued at nearly $1.4 billion post the funding round.