The digital payments space in India is about to get a bit more exciting, with WhatsApp Pay finally implemented for WhatsApp now available for iPhone and WhatsApp for Android users in India. Of course, you will need to have the latest version of WhatsApp installed on your phone for the WhatsApp Pay option to be available. WhatsApp Pay will use the Unified Payment Interface (UPI), a real-time payment system supported by more than 160 banks in India. While WhatsApp Pay was available to some users for an extended trial period for a while, this is the official launch of the payments service. WhatsApp Pay enters the battle against companies like Google Pay, PhonePe and Paytm.
Right now WhatsApp Pay is rolling out for 20 million WhatsApp users in India, with an expansion to enable the option for more users to happen gradually. This is being limited because NCPI, the National Payments Corporation of India, has implemented a cap that limits a single third-party payment application to handle a maximum of 30 percent of UPI’s total transactions on a monthly basis. WhatsApp has more than 400 million users in India.
What is WhatsApp Pay?
You must have been using WhatsApp quite extensively to keep in touch with friends, family, and colleagues. The same instant messaging app, owned by Facebook, now also has the option of digital payments. It’s called WhatsApp Pay. This works with UPI, which means you can link it to your bank account and start making payments.
Will it work with my bank account?
Right now, more than 160 banks are part of the UPI payment system in India. Your bank is most likely on this list. A quick look at the list of WhatsApp Pay bank accounts shows us that companies like Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, Allahabad Bank, Airtel Payments Bank, Andhra Bank, Punjab National Bank, Paytm Payments Bank, RBL , Punjab and Sind Bank, Union Bank of India, United Bank of India, UCO Bank, Yes Bank and more.
Can I configure WhatsApp Pay on my phone?
If you can. However, there are two things you need to make sure. First, update WhatsApp on your phone. If you are using an Android phone, download the latest version, if you haven’t already, from the Play Store. If you’re using an iPhone, head over to the App Store to find the latest version. Second, the phone you are using WhatsApp on must be working with the same mobile number that is registered in your bank account. For UPI verification during setup, auto-detect SMS will be sent to confirm mobile phone number.
How do I send a payment to a contact?
Once you have configured WhatsApp Pay for UPI with your bank account, you can simply make payments to a contact from the chat window. On Android, it will be the attachment icon, while on iPhone, you will see a “+” icon near the chat text box. Tap that and you will see a payment option. Enter the amount on the screen, add any comments if you wish, and make the payment. A payment card will also be added to the chat window.
How do I receive a payment?
Practically the same method, selecting the payment option in the chat window. On the screen that appears where you will fill in the amount, find the tabs at the top of the window and select Request. By default, this screen is on the Submit tab. Enter the amount there to send an application notification. A user who owes you money can simply touch that notification to make the payment from their WhatsApp Pay.
Do I need to complete KYC, just like my Paytm wallet?
No. In the case of WhatsApp Pay, you do not need to perform KYC. KYC, or Know Your Customer, is a verification process to confirm the identity of the owner of a bank account or mobile wallet used to make payments or save money. Since WhatsApp Pay is linked to your bank account, which will already be KYC compliant, there is no need to use additional KYC when setting up WhatsApp Pay.
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