WhatsApp Payments will finally be available to large numbers of users in India. The company on Friday announced that the feature will be available in India starting today.
The Facebook-owned messaging app has been testing its payment service in the country for over a year.
WhatsApp in its blog has mentioned that it wants to make money transferring as easy as sending messages on the app.
India currently has many payment apps including Paytm, PhonePe, Google Pay, Amazon Pay among others.
Announcing the new feature, WhatsApp said in a blog, “Starting today, people across India will be able to send money through WhatsApp. This secure payment 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 has designed its payments feature in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, a real-time payment system that enables transactions with over 160 supported banks,” WhatsApp said.
WhatsApp has partnered with five leading banks in India including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank.
“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,” WhatsApp said.
People can also send money through WhatsApp to anyone who is 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,” WhatsApp said.
WhatsApp added, “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 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.
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