People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash and WhatsApp said on Friday that it is rolling out payment services in India after receiving a nod from the National Payments Corporation of India (NPCI). ...
“Starting today, people across India will be able to send money via WhatsApp. This secure payment experience makes transferring money as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without,” WhatsApp said in a blog. On the Internet "Having to cash out in person or go to a local bank."
More than 400 million WhatsApp users in India can securely send money to friends and family, and the payment feature is now available for iPhone and Android users who are using the latest version of the app.
She added that the payments feature has been designed in partnership with NPCI using UPI, an India-first real-time payment system that enables transactions with more than 160 supported banks.
In June of this year, WhatsApp launched WhatsApp Pay in Brazil - making it the first country in which the service is widely rolled out.
In India, WhatsApp - which counts India as its largest market with more than 400 million users - will compete with players such as Paytm, Google Pay, Walmart-owned PhonePe and Amazon Pay.
"Payments (service) on WhatsApp are now available to people on the latest version of the iPhone and Android app ... We are excited to join India's campaign to increase the ease of use of digital payments, helping to expand financial inclusion in India," adding that users will need to have an account Banker and debit card in India for sending money via the platform in India.
WhatsApp indicated that its payments service is designed with a strong set of security and privacy principles, including entering a UPI PIN for each payment.
"There is no fee ... because its WhatsApp, you know it's safe and private too. With UPI, India has created something really special and opens up a world of opportunities for the small and micro businesses that are the backbone of the Indian economy," Facebook CEO Mark Zuckerberg said at Video message.
He added that the payments service will be available in 10 Indian language versions of WhatsApp.
How to create your account
Step 1: Open the WhatsApp application on your phone and click on the three-dot icon, located in the upper right corner of the screen.
Step 2: Tap on Payments> Add Payment Method. You will get a list of the names of the banks.
Step 3: After choosing the bank name, your number (linked to the bank) will be verified. For this, you need to click on Verify via SMS. Ensure that the WhatsApp number is the same as the number associated with your bank account.
Step 4: Once the verification process is complete, you can then finish setting up payments. You will need to set a UPI PIN to perform transactions similar to the way it is done in other apps. After that, you will be able to see the selected bank on the Payments page.
How to send or receive money
Step 1: Open the person's chat on WhatsApp and go to the attachment icon.
Step 2: Tap on Pay and add the amount that you want to send to the individual. One can also add a note.
Step 3: To complete the WhatsApp payment process, you need to enter your UPI PIN. Once the transaction is completed, you will receive a confirmation message.