In India, WhatsApp pay Transactions will be offered to a bigger number of users. For over a year, the Facebook-owned messaging application has been evaluating its payment platform in the country.
It stated that the transaction function will be accessible to everyone by the end of the year, and the program would now be formally launched now that WhatsApp has received clearance from the National Payments Corporation of India (NPCI).
However, the payment method would only be available to 20 million WhatsApp users in India, despite the fact that the texting program has over 400 million users.
That’s because, starting January 1, 2021, NPCI will impose a 30% cap on total payment volume through all 3rd-party payment applications.
Existing third-party UPI applications will have 2 years to conform to the requirements of the agreement. Let’s look at how to set up your profile and transfer or accept money whether you have WhatsApp Transactions enabled in your app. Ensure you have the most recent Android and iOS versions of the software.
WhatsApp, which is owned by Facebook, as well as the National Payments Corporation of India (NPCI), announced in early November that WhatsApp would begin running a UPI payments service.
“WhatsApp created our payments functionality in conjunction with NPCI utilizing the Unified Payment Interface (UPI), an India-first, real-time banking system to facilitate transactions including over 160 authorized banks,” as per a WhatsApp blogs article.
“WhatsApp can develop its UPI base of users in a graded beginning to focus with a max authorized customer base of 20 million in UPI,” according to a statement released by the National Payments Corporation of India on November 5, 2020.
How To Set Up Your WhatsApp Account For Transactions
Step 1: Run the WhatsApp application and press the 3-dotted located in the upper right corner of the window.
Step 2: Select Payments then Add Payment Method from the drop-down menu. A list containing bank names will be provided to you.
Step 3: Your phone number (connected to the bank) will be validated when you pick the bank’s name. To do so, select Verify through SMS from the menu. Ensure your WhatsApp number matches the one associated with your bank account.
Step 4: After you’ve finished the verification procedure, you’ll need to finish setting up transactions. For payments, you’ll need to set a UPI pin, just like you would on other applications. On the payments page, you’ll be able to see the bank you’ve selected.
What Is The Best Way To Send Money Over WhatsApp?
Step 1: Choose the person to whom you would like to send money using your WhatsApp phone contacts. Select the payment method after opening the chat option.
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If the contact you’ve chosen does not accept payments via WhatsApp, you can make payments using the user’s UPI ID from another service, such as Google Pay or PhonePey. A pop-up will appear telling you that the contact does not use the WhatsApp payment system.
Users can scan QR codes and send money.
Step 2: The user fills in the amount and enters the UPI PIN after filling correct UPI PIN the money is transferred to the receiver’s account.
How To Send And Receive Money With WhatsApp Pay
Step 1: Go to the attachment symbol in the user’s Whatsapp message.
Step 2: Go to Transaction and enter the amount you’d want to pay to the person. A message can also be included.
Step 3: Finally, input your UPI PIN to finish the WhatsApp payment transaction. You will receive the following message after the transaction has been completed.
Where Is WhatsApp Pay Available?
WhatsApp Pay which went live in India in November of last year is becoming rolled out to several users. Many WhatsApp users are reporting seeing a message requesting them to establish monetary transactions in the app. WhatsApp Pay, even as names suggest, allows users to pay money from a bank account to other WhatsApp users.
- Payments (feature) on WhatsApp are now accessible for iPhone and Android users who have updated their apps. It is, however, being implemented in stages, with a maximum authorized user base of 20 million in UPI. As a result, some users may not be able to use WhatsApp right away.
- Users will not be charged a service charge if they utilize WhatsApp Pay. Whereas, a payment on WhatsApp’s payment facility is limited to Rs 1 lakh.
- To utilize WhatsApp transactions, you’ll need an Indian phone number and a bank account in India. WhatsApp’s transaction feature would not be available to users with international phone lines.
- The payment system would be accessible in ten Indian language versions of WhatsApp for the time being.
- According to WhatsApp, these payments are developed with a rigorous set of security and privacy rules, which include inputting a unique UPI PIN for each transaction. As a result, it is absolutely safe.
Is There A Payment Option In Whatsapp?
For Android phones using the beta version of WhatsApp, a payment option has been included. In conversations, the transactions button is adjacent to the attachments icon in the message box. Users may only transfer money to contacts who have signed up for WhatsApp Transactions.
Is It Safe To Pay With Whatsapp?
Because WhatsApp Pay uses the government’s UPI payment service, all cash transactions through it are safe.