WhatsApp Payment Rolls out in India. How to setup, send and receive money


Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank.

WhatsApp designed our payments feature in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks. We’re excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India.

To send money on WhatsApp in India, it’s necessary to have a bank account and debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts. We’re delighted to be working with five leading banks in India: ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. People can send money on WhatsApp to anyone using a UPI supported app.

In the long run, we believe the combination of WhatsApp and UPI’s unique architecture can help local organizations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before.

Just like every feature in WhatsApp, payments is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. Payments on WhatsApp is now available for people on the latest version of the iPhone and Android app.

whatsapp payment

 

WhatsApp Payments will finally be available to a larger number of users in India. The Facebook-owned messaging app has been testing its payment service in the country for over a year. It promised that the payment feature will be available for everyone by end of the year and the service will now be rolling out officially given the National Payments Corporation of India (NPCI) has given approval to WhatsApp.

However, the payment service will only be rolled out to 20 million WhatsApp users and the messaging app has over 400 million users in India. That’s because NPCI has said that a 30 percent cap will be implemented on total payment volumes via every third party payments app from January 1, 2021.

The existing third-party UPI apps will be getting two years to comply with the terms. Now, if you have WhatsApp Payments option in the app, let’s take a look at how you can set up your account, and send or receive money. Make sure you update the app to the latest Android and iOS version.


WhatsApp payments: How to setup your account

Step 1: Open the WhatsApp app on your phone and tap on the three-dotted icon, which is placed on the top right corner of the screen.

Step 2: Tap on Payments > Add payment method. You will get a list of bank names.

Step 3: After selecting the name of the bank, your number (linked with the bank) will be verified. For this, you need to tap on Verify via SMS. Make sure the WhatsApp number is the same as the one linked to your bank account.

Step 4: Once the verification process is completed, you can then need to finish setting up payments. You will need to set a UPI pin for carrying out transactions similar to how it is on other apps. After this, you will be able to see the chosen bank on the payments page.

WhatsApp Pay: How to send or receive money

Step 1: Open the chat of the person on WhatsApp and go to the attachment icon.

Step 2: Tap on Payment and add the amount you want to send to the individual. One can also add a note.

Step 3: To complete the WhatsApp payment process, you need to enter your UPI PIN. Once the transaction is completed, you will get a confirmation message.

See Mark Zuckerberg sharing the news of WhatsApp Payment roll out in India


Also Read : How to use WhatsApp on your iPad through a web browser and connected smartphone

Post a Comment

0 Comments