Everything you need to know about Whatsapp Pay
Whatsapp Pay is expected to launch in India this year for the Whatsapp users. Here’s all you need to know about the Whatsapp Payment services.
Facebook Inc.’s Whatsapp is the largest messaging platform that enjoys a gigantic user base in India, with over 200 million monthly active users. Whatsapp may soon roll out its payment services in India, Whatsapp pay after having met the data localization requirement norms set up by RBI (Reserve Bank of India).
In February 2020, the messaging app received the nod from the National Payments Corporation of India for meeting its data localization requirements to roll out the payments services in a phased manner in India. In the first phase, it collaborated with ICICI bank to provide this service to 10 million users.
What is Whatsapp Pay?
Whatsapp pay is an in-chat payment feature that will allow the users to make transactions or payments to anyone through their Whatsapp contact list. It is UPI (Unified Payments Interface) based payments service that allows users to both send and receive money through their bank account. Whatsapp pay is only dedicated to peer-to-peer transactions.
How to set up Whatsapp Pay?
To enable the payment function on your Whatsapp app, go to the ‘Settings’ section of your Whatsapp messaging app, tap on the ‘Payment’ option and click on the ‘Add Payment’ option. Then, select the bank where you have an account, follow the steps of SMS verification and set up your Whatsapp Pay account.
How to start payments?
To start the payment process, a user must initiate the payment to a person in their contact list. Once the request is received, you can set up your UPI account on Whatsapp. For this, you need to click on the ‘Payments’ symbol under the ‘Attachment’ option in the chat section.
Post this step; the money transfers can be made in a single step by entering the transaction amount, adding a brief note and the UPI PIN. Only those contacts with a valid UPI ID would be able to transfer or receive money through Whatsapp Payments. You can also send money to people who are not on your Whatsapp contact list through QR Codes.
Due to the ongoing pandemic crisis, the demand for digital payments has massively escalated to pave the way for the contactless payments. With the increasing usage of UPI-based payment services, the roll-out of Whatsapp Pay will not only be beneficial for the company but, also for the users who don’t want to download an additional app for online payments.