Facebook sent out a request to the Reserve Bank of India (RBI) seeking approval to offer the digital payments services to WhatsApp users in India. The WhatsApp Payments feature in India. India is the first countries to get the payment option and the feature is rolling out to the users in India.WhatsApp Payments feature is available only for Android phone users who have their devices updated to the latest version which is WhatsApp beta version 2.18.46. iOS users will also get this feature and they can transfer money to friends via WhatsApp very soon.
WhatsApp has finally rolled out its UPI based payments service with which you can directly pay someone from your contacts using your bank account.
With the payment option coming to this version, WhatsApp has become more than just a messaging tool. The newly rolled out payments feature lets users can transfer money to their WhatsApp contact via. introducing this UPI-based payments feature, the instant messaging application is basically trying to counter the other available wallets in India like Paytm, Google Tez and the rest. This payments feature is UPI based server which will basically allow users to transfer money directly from their bank accounts to their friends account instantly.
WhatsApp has brought about a dedicated option for making payments via the application. On Android, the payment option is available in two places one under the Settings option and another one is available under the attachment icon when you open a particular chat. similar to other mobile wallets like Paytm, WhatsApp Payments doesn’t support payment option for merchants as of now. The users can only make bank to bank money transfer
The company does not share details of the exact number of users on its platform, but sources said it may be in the range of 7 lakh. The Facebook-owned Whatsapp uses UPI for facilitating payments in India.
Currently, there are more than 1 billion mobile phone users in the country, and the digital payments market is expected to reach $1 trillion by 2023.
I think it’s safe to say it’s pretty important for us to launch payments in India, At some stage, the payments feature could become a shared product
How to set up WhatsApp Payments
- Go to WhatsApp Settings and tap on the Payments option.
- Select the Add New Account option present inside the Bank Accounts header.
- Now tap on Accept and continue after reading all the terms and conditions.
- Select the Verify option via SMS and follow all the prompts to send an SMS for starting the UPI linking process.
- On the next tab, choose the bank account which would like to add for using WhatsApp payments feature.
- If your account (or multiple accounts) has been linked with the registered WhatsApp number from which you just sent the SMS, the ‘UPI Setup Complete’ text will be then be displayed on your screen.
- Now you can easly send payment like a message
Here’s how to send your first payments via WhatsApp:
- Open the chat of the WhatsApp contact to whom you want to send money.
- On Android, tap the Attach button. If you are on the iPhone, select the Plus button.
- To send money, just tap on Payment, and enter the amount you want to send. You can also add a note to the message if you want.
- Once the money is sent, the amount (and the text note, if any) will show as a message as part of the conversation.
- To authorize the payment, just enter the UPI PIN of the bank account from which you are trying to send money.
Hey, friends, You must remember that the WhatsApp payment feature works only on if he has set up their bank account with WhatsApp send this guide to your friends and family to help them get started! You can also send money to individual group members in a group chat, provided they have enabled the Payment option and you cannot pay money to verified business accounts (such as BookMyShow or MakeMyTrip) because the service is only peer-to-peer (i.e. person to person).
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