Mon. Mar 4th, 2024

What Is the Process of Making a Payment Through WhatsApp?

Here, we will discuss, What Is WhatsApp Payments and How Do I Use It? WhatsApp is a secure messaging service that is used by millions of individuals all over the world. Did you know that WhatsApp Messenger has almost 2 billion monthly active users, outnumbering Facebook (1.3 billion) and WeChat (1.2 billion) combined? That’s a lot of people!

WhatsApp just added a new feature to their app that allows users to create a digital wallet that allows them to pay and receive money swiftly and securely without incurring any costs. We’ll go through how to set up WhatsApp Pay, a step-by-step guide to sending and receiving money over the app, and international money transfer options in this post.

What Is WhatsApp Payments and How Do I Use It?

What Is WhatsApp Payments and How Do I Use It?

WhatsApp Pay is a smartphone-based Unified Payments Interface (UPI) technology that allows for bank-to-bank transactions.

Simply defined, it’s an in-chat payment function that lets you give and receive money from any of your contacts. When you send money to a contact, a UPI ID is created; users may then input their UPI ID to send or receive money, and money can even be transmitted via a QR code to persons who aren’t on your contact list.

In 2018, WhatsApp announced a payment relationship with ICICI Bank to millions of users. WhatsApp Pay gained authorisation from the National Payments Corporation of India (NPCI) in February 2020 to roll out services in stages.

In the same mobile app, users may see the payment notice above the list of chats, and it’s quite simple to use. One of the main reasons why over a million consumers choose WhatsApp Pay to other UPI-based apps is because of this.

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Why Should You Use WhatsApp Pay?

  • You may send money to anyone on your contact list at any time and from any location. All you need is an internet connection (mobile/wifi) and a bank account number.
  • It has a simple user interface that allows transferring money as easy as sharing a photo or video clip on WhatsApp.
  • When the transfer is complete, the receiver will receive a notice in the chat box.

It’s simple – You don’t have to ask the payee for bank account information such account number or IFSC code. What’s the best part? This payment function is available in-chat and does not require the installation of an extension or another programme. That’s right, it’s that simple.

Is it possible to pay with WhatsApp in India?

For the time being, WhatsApp Payment services are only accessible in India, Brazil, and a small number of users in the United States. Even though it is entering the market after larger companies such as Google Pay, Paytm, PhonePe (owned by Walmart), and others, WhatsApp Payment is doing its best to build a reputation for itself in India and Brazil.

  • Meta is gearing ready to acquire a piece of this pie after receiving authorisation from the NPCI (National Payments Corporation of India) to extend its digital payment platform, also known as WhatsApp Pay.

Let’s take a look at the what, why, and how of WhatsApp Pay, a new UPI-enabled payment service.

How to Make a Payment on WhatsApp in India

WhatsApp Payments: How to Use and Activate

Let’s have a look at how to make a payment on WhatsApp. To utilise WhatsApp Payment, you must first have the following:

  • Download the WhatsApp app on your smartphone.
  • A bank account with WhatsApp banking enabled.
  • You must use the same cellphone number that is registered with the bank to use WhatsApp Pay.

To enable WhatsApp payments on your phone, follow these steps:

  • Go to the top-right corner of your app and choose ‘Payments’ from the three vertical dots.
  • Then all you have to do is validate your bank account information in order to use the UPI, and you’ll be good to go!

You must, of course, agree to the payment conditions as well as the privacy policy. But you’re only a ‘tick’ away from that. To authorise the sending and receiving of money, as well as to verify by SMS.

Please keep in mind that only banks that support WhatsApp UPI will be featured, so pick your bank wisely.

Currently, only four banks have enabled WhatsApp banking, namely:

  1. State Bank of India (SBI)
  2. Axis Bank
  3. HDFC Bank
  4. ICICI Bank

How to Make a Payment on WhatsApp

  • Go to the chat room of the person to whom you wish to transfer money.
  • Select payment by tapping on the ‘Attach’ pin (it’s the same as where you email photographs or contacts).
  • Select ‘Set-up UPI pin’ after verifying the last six digits of your debit card number and the expiration date.
  • If the OTP (One Time Password) is not pre-filled, type it in.
  • Make a UPI PIN and input it. Submit the form after clicking ‘Set-up UPI PIN.’

After successfully setting up the UPI PIN, hit ‘Done,’ and you’re ready to pay or send money using the ‘attach’ option in individual conversations.

Remember that you may be prompted for your UPI PIN each time you use WhatsApp Pay to transmit money; this is for your own safety. Another thing to keep in mind is that money will only be transmitted to accounts that have enabled the UPI payments service.

How to Get Money Through WhatsApp Payments

  • The recipient will receive a message on their device after the sender has initiated the payment, and all they have to do now is touch on ‘Accept Payment.’
  • The recipient is sent to the Payments Terms and Policies page. To proceed, they must first press ‘Accept and Continue,’ then ‘Verify through SMS.’
  • A list of all the bank accounts related to their WhatsApp mobile number will appear on the screen, and they’ll have to choose which one they wish to receive money in.
  • Then they all hit ‘Done.’

What Are the WhatsApp Payments Transaction Limits and Fees?

WhatsApp Payments has a 100,000 transaction limit, which is more than most other UPI applications, which only go up to 50,000.

Another notable feature is that the UPI service is completely free, so you won’t have to spend any money to make transactions.

Is WhatsApp Pay interoperable with other apps?

You may use WhatsApp Pay to send money to anyone who has a UPI ID, regardless of the app they use, such as GPay, Paytm, or PhonePe.

Even if the recipient is not enrolled for WhatsApp payments, you can still transact using their BHIM, Google Pay, PhonePe, or UPI ID.

Following that, the phone number and bank account will be verified in the same way. You can send/receive payments by entering the contact’s individual chat and routing payment using the attachments icon once both parties have finished this process.

Let’s look at some of the most fascinating aspects or the ‘why’ of WhatsApp Pay now that you know all the ‘whats’ of the platform.

Can I use WhatsApp Pay to send money to India from abroad?

WhatsApp is used by millions of individuals all around the world. WhatsApp payment services, on the other hand, are now only accessible in India and Brazil.

There are now other options for moving money from India to other countries.

In conclusion, WhatsApp is a multi-purpose messaging and payment application. It’s cashless, hassle-free, secure, and simple to use. Furthermore, there is no transaction fee. It’s also quite simple to use. Furthermore, it eliminates the need to enter a bank account number and IFSC code each time you wish to send money to someone.

WhatsApp, on the other hand, still has a long way to go before it can accept international payments. Money transfer service providers are the most efficient way to transmit money overseas.

 

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