Facebook-owned WhatsApp, which is the most popular messaging platforms, said on Wednesday that its new payments feature WhatsApp Pay is live now. The payments feature is being supported by State Bank of India, HDFC Bank, ICICI Bank and Axis Bank through UPI for its up to 20 million users in India.
Everything Know about Whatsapp Payment – Whatsapp Pay
The rollout of the feature could pose a major challenge to other big players like Paytm, Google Pay and PhonePe.
WhatsApp’s payment service, which allows users to transfer money in a manner similar to sending messages, is now available in 10 Indian regional languages of WhatsApp.
The peer-to-peer (P2P) payment feature is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment, the company said.
For sending and receiving money through WhatsApp Pay, users will first need to use the latest version of WhatsApp and link their respective bank accounts on WhatsApp. Users will also need to verify the last 6 digits of their debit card and the expiration date.
Last month, WhatsApp Pay rolled out its payments services in India, which counts as its biggest market with over 400 million users, after receiving nod from the National Payments Corporation of India (NPCI).
After launch, the Facebook-owned company said that its payments feature has been designed in partnership with NPCI using UPI, an India-first, a real-time payment system that enables transactions with over 160 supported banks. With this, – will compete with players like Paytm, Google Pay, Walmart-owned PhonePe, and Amazon Pay.
However, even with a 400-million user base in the country, WhatsApp Pay will only be rolled out to 20 million WhatsApp users. That’s because NPCI has said that a 30% cap will be implemented on total payment volumes via every third party payments app from January 1, 2021.
Currently, it is working with five banks in India – ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank – and people can send money on WhatsApp to anyone using a UPI supported app.
To send money on WhatsApp in the country, it’s important to have a bank account and debit card in India. The Facebook-owned messaging app will send instructions to banks, also known as payment service providers, that will initiate the transfer of money via UPI between sender and receiver bank accounts.
With this, WhatsApp users can send money to anyone using a UPI supported app.
While using WhatsApp for payments, one needs to enter a personal UPI PIN for each transaction.
Here’s how to add your bank account on WhatsApp using Android:
- Step 1: WhatsApp on your Android device and tap ‘More options'(three dots)
- Step 2: Choose ‘Settings’, click on ‘Payments’ and then ‘Add new account’
- Step 4: Choose the name of your bank from the list of banks
- Step 5: ‘Allow’ verify via SMS
- Step 6: Select your respective bank account to send and receive payments with WhatsApp and click on ‘Done’.
Steps to add bank account on WhatsApp using the iPhone:
- Step 1: Open WhatsApp on your iPhone and tap settings, payments, add New Account.
- Step 3: Choose the name of your bank from the list of banks
- Step 4: Allow verify via SMS
- Step 6: A pre-filled SMS with a verification code will open up on your phone. Tap Send to send this message and verify your account.
Step 7: Choose the bank account you want to add to send and receive payments with WhatsApp and then click on Done.
The company received approval from the National Payments Corporation of India (NPCI) in November after two years of wait. WhatsApp Payments aims to add to the growth of digital transactions in the country along the lines of the government’s vision.
WhatsApp Integrates with UPI
WhatsApp enjoys more than 1.4 billion monthly active users globally that makes it one of the largest messaging platforms across the world. The number of active users is growing by the day and the organisation owned by Facebook is expected to launch an array of new features this year. Some of these features have already been introduced in the beta versions of iOS and Android. WhatsApp is going to introduce a couple of features surrounding India as well. For instance, integration of UPI (Unified Payments Services) in the app, given the country is one of the largest markets for this messaging service with more than 250 million monthly active users.
Some of the most awaited features are the ability to edit the messages that have already been sent and to make group calls including voice as well as video on WhatsApp. The messaging service recently introduced the “Delete for Everyone” feature that lets users delete a message that has already been sent within 7 minutes of hitting the “Send” button.
How to send money via WhatsApp QR code scan feature:
Go to the Settings and select the Payments options. From there, select the New Payments option followed by the Scan QR Code button. You will now be prompted to add the amount you want to transfer as well as the UPI PIN for verification. Your entire transaction history will be available under the Payments section on WhatsApp. Moreover, the app will also let you view your bank accounts linked with WhatsApp.
WhatsApp forayed into the digital payment market in India to compete against popular players like Google Tez, Paytm and MobiKwik. However, the WhatsApp payments feature is still in beta and is not rolled out officially for all users. Currently, the Facebook-owned messaging service has more than 200 million monthly users in India.
Source1 – businesstoday.in
Source2 – business-standard.com
Source3 – whatapp.com