The feature will allow WhatsApp users to send and receive money from within the app as the messaging service looks to take on Paytm, Mobikwik and other payments services. WhatsApp Payments is currently available on for Android users on the latest version 2.18.46. The feature is UPI-based (Unified Payments Interface) and supports several Indian banks including Axis Bank, HDFC Bank, ICICI Bank, State Bank Of India, Yes Bank and Airtel Payments Bank among others.
WhatsApp was pretty much giving hints of its Payments feature when they added vacancy for a UPI programmer and expert on their official website. But after a long wait, WhatsApp has finally shown the first look of how its payment system will work.The application that was already working on UPI (Unified Payment Interface) has finally launched its own payment service. Though it is nothing new as other messaging platforms like Hike & WeChat are providing this payment service for quite a while but the huge userbase of WhatsApp will definitely give them an edge over its competitors.With over 200 million active users in India, WhatsApp is already available to most of the smartphone users. And it will be more convenient for the vendors to integrate WhatsApp Payments as they will get paid directly into their bank account, so a kind of win-win situation for both the parties ensures a bright future of WhatsApp Payments. Believe or not, chances are you will use WhatsApp Payments to make a transaction in a very near future
How to setup WhatsApp Payments :
The Payments feature on WhatsApp has started widley in India. WhatsApp users on the latest version (2.18.46) should see the Payment option by tapping on the Attachment icon in the text bar or in Settings
- By Tapping on the Payment icon will start the setup process. You will first need to accept the Terms and Privacy Policy to continue.
- You will then be asked to select your bank that you will be using to send and receive money. Several banks like Axis Bank, HDFC Bank, ICICI Bank, State Bank Of India and Yes Bank have been included, while several banks are yet to be listed. If your bank has not been listed yet, you will not be able to use the payments feature. WhatsApp may include more banks in the weeks to come.
- After selecting a bank, WhatsApp will show you the accounts that have been linked to your phone number. After selecting the account, you will need to verify the debit/ credit card linked to the account. Note that the WhatsApp number and bank account number should be the same.
- Following this, you will need to set up a UPI PIN if you dont have one already. You will first receive an OTP on the number after which you will be allowed to set up a six-digit UPI PIN of your choice.
- One this is done, your setup is complete and you will now be able to send and receive payments in WhatsApp.
How to use WhatsApp Payments :
- One the setup is complete, users will be able to send and receive money to anyone on their WhatsApp list. Note that the other user will also need to have payments setup to be able to send money. Since the feature is currently rolling out on Android, you wont be able to send money to anyone using WhatsApp for iOS.
- To send money, open the chat of the desired contact and tap on the Payment icon under the Attachment option in the text bar. You can then choose the amount of money you wish to send, which can only be between Re 1 to Rs 5000.
- After you enter the amount, you will need to key in your UPI PIN to complete the transfer. Following this, the money will be sent to your contact after processing the payment. Youll know the money has been sent when the status shows complete along with two ticks. Similarly, you will receive a notification when you have received a payment from your WhatsApp contact.
- You should receive a message from your bank via SMS or email regarding the transaction.
With the new payments feature, WhatsApp is expanding its services from being a simple messaging platforms to a payments service provider. This will challenge e-wallet platforms like Paytm and Mobikwik if more and more users find it more convenient to send/receive money from within WhatsApp rather than doing it through a third-party app. WhatsApp Payments doesnt allow payment options for merchants as of now, so you will still need to use third-party apps for that.
India is among the first countries to get WhatsApp Payments and it will be interesting to see how the response is once the rollout is complete. While this may offer a more convenient way to send and receive money, it may also invite a lot of fraudulent issues such as spam chain letters duping people into sending money.
Share your views in the Comment Section :-
No comments:
Post a Comment