The WhatsApp pay feature was initially launched in India in 2018. Still, it not got stuck in beta mode in the absence of regulatory approvals by the authorities, who raised data security concerns.
On Thursday, India's national payments corporation granted its approval to WhatsApp to expand in a graded manner with 20 million users initially.
How to enable WhatsApp Pay on your cell phone?
1. Open your Whatsapp messaging app
2. Go to the settings and select the payment option
3. Click to add a payment method and chose your bank account
4. Then, you will be asked to select your bank
5. After you have selected your bank, you will be asked to verify your mobile number. Click to verify via SMS.
6.Once the verification done, your Whatsapp Payment setup will be done. Also, you can add multiple accounts in the payment method.
How to use Whatsapp pay?
The payment option visible in the share file menu. The WhatsApp pay service works on the UPI method, and one does not need to provide bank account details like account number and IFSC code to send or receive the money. You can also send the money by using the QR code.
How to send and receive money via Whatsapp?
1. Select the contact you want to send money to.
2. In the conversation window, select the clip icon.
3. Choose payment.
4. Select the amount you want to send.
5.You will see the confirmation Message show up directly in the conversation window once the transaction is done.
Whatsapp pay uploads more than 160 banks, including ICICI bank, HDFC bank, AXIS bank, SBI. in the blog post, WhatsApp explained that to send money on WhatsApp in India, it's necessary to have a bank account and debit card in India. Whatsapp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between the sender and receiver bank accounts.
When people can access financial tools, Mr. Zuckerberg said they are more empowered to support themselves and others or start a business. In the long term, there is a need for more innovation that gives people control over their money, and making payments easier is a small step that can really help, he said.
The messaging app added money is directly transferred between bank accounts. The payment feature on Whatsapp is powered by BHIM UPI and processed by payment partners in India.WhatsApp works on UPI, the same system that other payments services like Google Pay, Phone Pay. So one doesn't have to hold any amount in a WhatsApp wallet.
The money will also have to enter a personal UPI pin for each transaction while using WhatsApp for payment. Note that the payment service will only be rolled out to 20 million WhatsApp users. At the moment, the messaging app has over 400 million users in India. NPCI has said that a 30 percent cap will be implemented on total payment volumes via every third party payments app from January 1, 2020. this day's everyone using WhatsApp and know all about using it, so it is easy to understand.
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