The WhatsApp In-Chat Payment feature will allow users to make payments to anyone from their WhatsApp contact list. The new option will enable WhatsApp users to both send and receive money. The social media messaging application has tied up with some of the largest banks in the country to make this service available to consumers. The payment system will work on the Unified Payments Interface (UPI) method, where fund transfers can be initiated without having to provide bank account number and IFSC code.
The UPI interface allows customers to make instant fund transfers through a virtual address, also known as, Virtual Payment Address (VPA). The fund transfer process is fast, easy and can be done on a 24/7 basis on all 365 days in a year.
How to Make a Payment Using WhatsApp In-Chat Payment?
To transfer funds using the WhatsApp In-Chat Payment system, click on the ‘Rupee’ symbol under the ‘Attachment’ option. After this step, money transfers can be made in a single step by entering the transaction amount and the UPI PIN. The main advantage of this type of payment system is that users will not have to navigate out of the chat window to make a payment.
Let us now understand the step-by-step process involved in making payments via Whatsapp (for Android users):
Step 1: Go to the chat window of the person to whom you want to make a payment and click on the attachment icon
Step 2: Proceed to click on the ‘Payment’ option in the chat window and accept terms and conditions
Step 3: Enter the amount you want to transfer, UPI PIN and send the money For those with iOS phones, click on the plus symbol in the chat window and follow the procedure from step 2.
Features and Benefits of WhatsApp In-Chat Payment
- Make payment to anyone on WhatsApp contact list from anywhere and at anytime
- User-friendly ‘pay’ feature that makes transferring funds as simple as sending a photo or a message
- The payee/beneficiary will receive a payment notification on their chat window once the fund transfer has been made
- There is no need to ask the payee for account details such as account number or IFSC code. All you need is a virtual address to make payment
- The WhatsApp In-Chat Payment application is a one-of-a-kind payment feature
WhatsApp Integrates with UPI
WhatsApp enjoys more than 1.4 billion monthly active users globally that makes it one of the largest messaging platforms across the world. The number of active users is growing by the day and the organisation owned by Facebook is expected to launch an array of new features this year. Some of these features have already been introduced in the beta versions of iOS and Android. WhatsApp is going to introduce a couple of features surrounding India as well. For instance, integration of UPI (Unified Payments Services) in the app, given the country is one of the largest markets for this messaging service with more than 250 million monthly active users.
Some of the most awaited features are the ability to edit the messages that have already been sent and to make group calls including voice as well as video on WhatsApp. The messaging service recently introduced the "Delete for Everyone" feature that lets users delete a message that has already been sent within 7 minutes of hitting the "Send" button.
How to send money via WhatsApp QR code scan feature:
Go to the Settings and select the Payments options. From there, select the New Payments option followed by the Scan QR Code button. You will now be prompted to add the amount you want to transfer as well as the UPI PIN for verification. Your entire transaction history will be available under the Payments section on WhatsApp. Moreover, the app will also let you view your bank accounts linked with WhatsApp.
WhatsApp forayed in the digital payment market in India to compete against popular players like Google Tez, Paytm and MobiKwik. However, WhatsApp payments feature is still in beta and is not rolled out officially for all users. Currently, the Facebook owned messaging service has more than 200 million monthly users in India.
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