WhatsApp started its payment services in India on Friday after the assent of the National Payments Corporation of India (NPCI). NPCI, which runs the Unified Payment Interface (UPI), had on Thursday allowed WhatsApp to start its payments service in the country on a “graduated” basis, starting with a maximum registered user base of 20 million UPI, which is used in a real way. -Payments on time between peers or at the end of merchants when making purchases.
“Starting today, people all over India will be able to send money via WhatsApp. This secure payment experience makes transferring money as easy as sending a message. People can safely send money to a family member or share the cost of goods remotely without having to exchange cash in person or go to a local bank, ”the Facebook-owned company said in a blog post. Blog.
Read also | WhatsApp introduces the ‘disappearing messages’ feature
WhatsApp had started testing its UPI-based payments service in India in 2018, which allows users to use the messaging platform to send and receive money. The test was limited to about one million users while it waited for regulatory approvals to arrive. The company has said that the payments function has been designed in partnership with NPCI using UPI, a real-time payment system, a first in India, that enables transactions with more than 160 backed banks.
WhatsApp, which views India as its largest market with more than 400 million users, will compete with Paytm, Google Pay, Walmart’s PhonePe and Amazon Pay in the country. In June this year, WhatsApp launched WhatsApp Pay in Brazil, the first country where the service was widely deployed.
Read also | WhatsApp gets permission from India to operate the payment service. How it can affect payment markets
Here’s how you can get started with WhatsApp Pay and how it will work:
1. You must first add a payment method by clicking ‘payments’ from the three-dot icon on the home screen to start using WhatsApp Pay.
2. You need to select the bank and verify via SMS to set UPI ID.
3. You must select the ‘attached’ icon and select ‘payment’ in the chats to make payments.
4. You must enter the UPI PIN to complete the transaction.
5. WhatsApp has partnered with five leading banks in India, including ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, and Jio Payments Bank.
6. “To send money via WhatsApp in India, you need to have a bank account and a debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money through UPI between the bank accounts of the sender and the receiver, “said WhatsApp.
7. You can also send money via WhatsApp to anyone who uses an application that supports UPI.
8. WhatsApp will make users enter the UPI PIN for each payment to improve the security and privacy of the application. The company has said that “the payments are designed with a strong set of security and privacy principles.”
9. WhatsApp Pay is available to all iOS and Android users.
10. You will need to update your application to get the new feature.
(With contributions from the agency)
.
