Whatsapp did charge 99p after the first year of use when it first launched back in 2010, but this was scrapped.
People who have received the message should delete it immediately.
If you have clicked on the link it contains, you should also run antivirus software to ensure your device has not been infected with malware.
It is unclear exactly how many users have been targeted or how criminals obtained the phone numbers.
But concerned Whatsapp users have taken to Twitter to warn others about the scam.
Kieran Stevenson said: "I've just had a text from 'Whatsapp' saying my subscription has expired and I need to click a link to renew it. Scam, right?"
Kate Davies added: "Anyone else received a text from #WhatsApp saying you're subscription has expired ..but you can buy life long for £1?
A number of users contacted the firm directly, including Lyn Homer who said: "@WhatsApp I've just had a text message saying that I have to pay 99p for WhatsApp lifetime subscription.. Is this right?"
With more than 1 billion monthly users, WhatsApp provides a precious service to people all over the world, keeping them in touch with friends and family.
And this is not the first time hoax messages have circulated recently suggesting the free messaging app will soon start charging.
In January, chain messages were sent round suggesting both Whatsapp and Facebook Messenger were about to introduce a fee.
On this occasion, the hoax messages did not seem to have any criminal intent.