Whatsapp Payment System has finally gone live in India.
Whatsapp in its official blog mentioned that they want to make transferring money as simple as sending messages on the WhatsApp app.
WhatsApp app is available for both iOS and Android devices.
WhatsApp makes use of UPI, the same service that other digital platforms like Google Pay(G Pay), Paytm, and PhonePe use for transferring and receiving payments.
We explained the new WhatsApp Payment system in full detail in today's article, read till the end of Send Money Through WhatsApp to learn about it.
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| SEND MONEY THROUGH WhatsApp |
Also, some other banks use the UPI system for transferring funds.
WhatsApp has more than 400M active users, India is the biggest marketplace for WhatsApp.
Whatsapp Payment space is bound to have a huge impact on the local people and digital payment platforms.
First, WhatsApp helps to stay in touch with family, friends, and colleagues.
Now, WhatsApp will also provide a digital payment option for Indian users. The National Payment Option of India (NPCOI) flagship processor was approved on 6th Nov'20. Facebook-owned WhatsApp for United Payment Interface(UPI).
REGISTRATION PROCESS FOR WhatsApp PAY
First of all, one needs a bank account linked to the phone number to enable the payment system. Payment can be made by tapping on the 'Attachment' icon which was used for sending photos, videos, and Documents, etc. previously.
Initially, WhatsApp will ask for user permission to make a phone call, read the messages and then complete the registration process.
Secondly, one needs to set a UPI ID and password for approving any payment. If one has a password already, S/he can use the same PIN for future payments via WhatsApp.
SEND MONEY THROUGH WhatsApp- EXPLAINED
TRANSACTION & UPI SERVICE FEE
The maximum transaction limit is 2 lakh whereas UPI service is a free method for transferring any payments via any digital platform.
WHATSAPP PAYMENT TO SEND / RECEIVE MONEY?
WhatsApp Payment runs through the UPI platform. One needs to have a debit card, after opening WhatsApp, click on the Attachment icon for processing any payments.
BENEFITS OF WhatsApp PAY?
WhatsApp users with a bank account and an active debit card can get the benefit of WhatsApp Payment Service for transferring money via WhatsApp, but NPCl has restricted 400M users to use the new option.
WhatsApp is not a banking platform, so only five banks viz. ICICI, Axis, SBI, HDFC, and Jio bank got approved for digital payments using UPI service.
INTERNATIONAL NUMBER CAN NOT USE?
Users create WhatsApp account according to the country code, in India, WhatsApp used an Indian number for creating the account so only Payments within the country will be possible for now i.e. for Indian Bank account holders only, one can't use it for any International numbers for payment.
DO I NEED KYC FOR WhatsApp PAY LIKE OTHER APPS?
No, one doesn't need KYC for any payments.
SEND MONEY THROUGH WhatsApp- EXPLAINED
Can anyone use WhatsApp Pay for paying on Flipkart, Amazon, or Myntra?
Yes, one can use WhatsApp payment service for paying online shopping platform, payment looks like Google pay.
Also, read our other blogs:
WhatsApp Payment Service is finally live for Indian Users, do try using it and let us know in the comment, how you feel about the new feature of WhatsApp.
Thank's for your time.