WhatsApp Payments will finally be available to a broader number of users in India. WhatsApp has been testing its payment service in the country for over a year. It promised that the payment feature will be available for everyone by end of the year and the Facebook-owned company has fulfilled it. However, the payment service will only be rolled out to 20 million WhatsApp users and the messaging app has over 400 million users in India. Currently, around one million users are already using WhatsApp Pay.
National Payments Corporation of 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, 2021. The existing third-party UPI apps will be getting two years to comply with the terms. However, if WhatsApp payment service registers good engagement, then its user base might get expanded further. Now, if you have WhatsApp Payments option in the app, let’s take a look at how you can set up your account, and send and receive money.
WhatsApp payments: How to setup 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 need to tap on Verify via SMS.
Step 4: Once the verification process is completed, you can then need to finish setting up payments. After this, you will be able to see the chosen 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 attachment icon.
Step 2: Tap on Payment and add the amount 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 get a confirmation message.