WhatsApp Pay has at last gone live in India. WhatsApp has launched services on the United Payments Interface (UPI) in a significant boost for the Facebook-owned application in its biggest market. The organization on Friday declared that the feature will be accessible in India beginning today. WhatsApp in its blog has mentioned that it wants to make money transferring as simple as sending messages on the app. India as of now has numerous payment applications including Google Pay, Paytm, PhonePe among others.
Right now, WhatsApp Pay is being turned out for 20 million WhatsApp clients in India, with development to enable the alternative for additional clients occurring in a phased way. This is being restricted because NCPI, the National Payments Corporation of India, has implemented a cap that restricts a single third-party payments app to deal with a limit of 30% of the total UPI transactions monthly. WhatsApp has over 400 million clients in India.
What is WhatsApp Pay?
You have probably been using WhatsApp widely to keep in contact with friends, family, and associates. A similar instant messaging app, possessed by Facebook, presently has the digital payment option too. It is called WhatsApp Pay. This works with UPI, which implies you can interface it with your bank account and begin making payments.
When can you get WhatsApp Pay?
If you are among the 1,000,000 clients who signed up for the beta-testing app, you are as of now on. Others can sign up from November 6.
Will WhatsApp Pay work with your bank account?
Right now, over 160 banks are essential for the UPI payment system in India. Chances are, your bank will a lot be a part of this list. A brisk look through the WhatsApp Pay list of bank accounts shows us that any semblance of State Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Union Bank of India, United Bank of India, Allahabad Bank, Airtel Payments Bank, Andhra Bank, Punjab National Bank, Paytm Payments Bank, RBL, Punjab and Sind Bank, UCO Bank, Yes Bank and more.
Can you set up WhatsApp Pay on your phone?
Yes, you can. Two things you have to guarantee, however. To begin with, update WhatsApp on your phone. On the off chance that you are using an Android phone, download the most recent version, if not as of now, from the Play Store. On the off chance that you are using an iPhone, head to the App Store to check for the most recent version. Furthermore, the phone that you are using WhatsApp on must be working with the same mobile number that is registered with your bank account. For the UPI verification during setup, an auto-detect SMS will be sent to affirm the mobile number.
How do you send payment to contact?
When you have WhatsApp Pay set up for UPI with your bank account, you can just make payments to a contact from within the chat window. On Android, it will be the attachment icon while on iPhone, you will see a “+” icon close to the chat text box. Tap that, and you will see a payment option. Enter the amount on the screen, add any comment on the off chance that you want, and make the payment. There will likewise be a payment card added to the chat window.
How do you receive payment?
Practically a similar strategy, by selecting the payment option in the chat window. On the screen that shows up where you will fill the amount, search for the tabs on the top of the window and select Request. Of course, this screen is on the Send tab. Enter the amount there to send a request notification. A client who owes you cash can just tap that notification to make the payment from their WhatsApp Pay.
Do you need to get KYC done, just like your Paytm Wallet?
No. On account of WhatsApp Pay, you don’t have to complete KYC. KYC, or Know Your Customer, is a verification process to affirm the identity of the proprietor of a bank account or a mobile wallet used to make payments or keep the cash. Since WhatsApp Pay is connected to your bank account which will as of now be KYC compliant, there is no requirement for extra KYC when you set up WhatsApp Pay.
Can you use WhatsApp to shop on Amazon or Flipkart?
Truly, one can use the WhatsApp Pay handle to shop too however, starting at now, these incorporations are not there. Eventually, WhatsApp Pay, as GPay, will be viewed as a payment option during checkout.
WhatsApp Payments: How to set up 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 have to tap on Verify through SMS. Ensure the WhatsApp number is the same as the one linked to your bank account.
Step 4: Once the verification process is finished, you would then be able to need to finish setting up payments. You should set a UPI pin for doing transactions like how it is on different apps. After this, you will have the option to see the picked 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 person. One can likewise add a note.
Step 3: To finish the WhatsApp payment process, you have to enter your UPI PIN. when the transaction is finished, you will get a confirmation message.