Hike launches wallet, UPI payment.
The company will also allow its users to send digital "blue packets" or envelopes containing money to their friends.
Furthermore, the company said that "users can choose from over ten different beautifully crafted envelopes and also add a personalised message to it to celebrate those special occasions".
With the launch of its new 5.0 update, Hike now offers features such as "Magic Selfie" - a camera filter which 'smoothens your skin - as well as options to change the app's theme. While WhatsApp co-founder Brian Acton spoke publicly about plans to launch digital payments, Hike's CEO, Kavin Mittal Bharti, has never made the company's intentions public before surprising the industry with the announcement. However, the Hike 5.0 update will be rolled out to all the Android and iOS users by Sunday. If you give Blue Packets to a group of your friends, you can have a little fun and select how many people in the group should get it.
The partnership between Yes Bank and Hike comes on the backdrop of the launch of Hike 5.0 the most comprehensive update that the platform has received in terms of its interface as well as operations.
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Hike has partnered Indian private sector lender Yes Bank to facilitate money transfers to banks using the UPI system, Mittal said.
Hike 5.0 now features a new slick look, with an emphasis on personalisation with App Themes.
For those who love staying up late and chatting in the darkness, the app has dedicated a theme called "Night" theme, wherein the users will be enabled to save their battery at night as it reduces the glare coming off the screen.
Hike's larger rival, WhatsApp is also working on making a foray into digital payment services, starting with India.
Hike, which claims more than 100 million registered users, has stolen a march on Facebook-owned WhatsApp, which is widely expected to roll out a UPI-based P2P payments service in India in the next few months. It's never been a better time for the company to launch its "digital payments" as other providers in the space, such as Paytm, have massively increased their share of the market. "We're really excited about the possibilities with this and can't wait to see how people use it".