WhatsApp Pay will finally be made available to a larger number of chatting platform users in India. The Facebook-owned messaging app has already been testing its payment service in the country for over a year.
It promised that the payment feature would be available for everyone by the end of the year. The service will now be rolling out officially, given that the National Payments Corporation of India (NPCI) has given its approval to WhatsApp.
However, the payment service can only be rolled out to 20 million WhatsApp users, and the chatting app has over 400 M users in India.
That is because NPCI has already said that a 30 percent capitalization will be implemented on the total payment volumes via every third party payment app from January 1, 2021.
The existing third-party UPI applications will be getting about two years to comply with the terms. Now, if you have the WhatsApp Payments option in the app, let’s look at how we can set up our account and send/receive money. Make sure you do update the app to the latest Android and iOS versions.
How to set up your account
Step 1: Open the WhatsApp app on your mobile phone and tap on the three-dotted icon placed on the top right corner of your screen.
Step 2: Tap on Payments > Add payment method. After that, you will get a list of bank names.
Step 3: After selecting the bank’s name, your number that is linked with the bank will be verified. For this, you do need to tap on Verify via SMS. Make sure that the WhatsApp number is the same as the one that is linked to your bank account.
Step 4: Once the bank verification process is finished, you can then need to finish setting up the payments.
You will only need to set a UPI pin for carrying out transactions similar to how it is used to be on other apps. After this, you’ll be able to see the chosen bank on the payments page.
WhatsApp Pay | How to send/receive money
Step 1: Just open the chatbox of the person on WhatsApp and go to the attachment icon.
Step 2: Tap on the Payment option and add the desired amount you want to send to an individual.
Step 3: To complete the payment process, you need to enter your UPI PIN, and once the required transaction is finished, you will get a confirmation message.