Simple and very convenient 10 things you need to know about WhatsApp Pay

WhatsApp Messenger is a FREE messaging app available for Android and other smartphones. WhatsApp uses your phone’s Internet connection (4G/3G/2G/EDGE or Wi-Fi, as available) to let you message and call friends and family. Switch from SMS to WhatsApp to send and receive messages, calls, photos, videos, documents, and Voice Messages.

The digital payment sector in the country is facing stiff competition. With Facebook’s WhatsApp, the world’s largest social media network, stepping into the arena, there will be a lot of competition going on. WhatsApp Pay is now available for Android and iOS users in India. You need to have the latest version of WhatsApp installed on your phone to get the WhatsApp Pay option.

WhatsApp Pay also uses the Unified Payment Interface (UPI), a live payment system supported by more than 160 banks in India. WhatsApp Pay has been on trial for some time by some users but the official launch has not been approved by the authorities. WhatsApp Pay is now licensed.

2 crore users in the first phase

In the first phase, WhatsApp Pay will be provided to 2 crores WhatsApp users in India. It is known that WhatsApp will provide the pay feature to more and more users step by step. The National Payments Corporation of India has imposed restrictions on third party payment applications. So it is not possible to work beyond a certain limit. Only a maximum of 30 percent of the total UPI transactions per month is allowed. WhatsApp has over 40 crore users in India.

  • What is WhatsApp Pay? There is no one who does not use WhatsApp to communicate with friends, family, and colleagues. The digital payment option now brings the same instant messaging application owned by Facebook. WhatsApp is based on the UPI system. This means WhatsApp Pay can link to your bank account and send payments.
  • Will it work with our bank account? More than 160 banks in India are now part of the UPI payment system. As all the leading banks in the country are part of UPI, your bank will also be on the list. Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, Allahabad Bank, Airtel Payment Bank, Andhra Bank, Punjab National Bank, Paytm Payment Bank, RBL, Punjab, Sindh Bank, Union Bank of India, United Bank of India, UCO This includes Bank and Yes Bank.
  • Why Pay Through Your WhatsApp Pay? All transactions can be done through WhatsApp Pay. But there are two things you need to make sure of. First, update WhatsApp on your phone. If you are using an Android phone, go to the Play Store and download the latest version. If you are a customer using an iPhone go to the latest version Apple Store. Second, the phone you use WhatsApp must work on the same mobile number registered in your bank account. For UPI verification during setup, an SMS will be sent to confirm the mobile number.
  • How do I send a payment to someone? Once you have set up WhatsApp Pay for UPI with your bank account, you can make payments to a contact from within the chat window. On Android, it will be the attachment icon, but on the iPhone, it will appear as a ‘+’ icon next to the chat text box. Tap it and you will see a payment option. Enter the amount on the screen and add any comment you want and you can make the payment. A payment card will be added to the chat window.
  • How do I get paid? The same procedure applies to selecting the payment option in the chat window. Select Request in the tabs at the top of the window. Enter the amount for sending the Request Message for Payment. You will then receive a payment message to their WhatsApp user asking them to pay.
  • Do I need to complete KYC? KYC does not need to be completed in the case of WhatsApp Pay. KYC is a verification process used to verify the identity of the owner of a mobile wallet used to make payments or keep money in a bank account. WhatsApp Pay is linked to your bank account so it is already KYC verified. The summary that you do not need extra KYC to use WhatsApp Pay.
  • The service is free. As with all UPI services, WhatsApp Pay is free. Users will not be charged for transactions. The limit of a transaction on WhatsApp’s payment service is Rs 1,00,000. WhatsApp Pay has not yet enabled fund transfer via a bank account number and the IFSC code.
  • Service in India only. To use WhatsApp Payment, you need to link an Indian mobile number with your bank account in India. People who use international numbers cannot use WhatsApp’s payment service.
  • Simple and convenient. WhatsApp Pay in UPI runs on the same system used by Google Pay, Bhim, Phone Pay, and other banking applications. Money to be transferred through WhatsApp payment service can be kept in your bank account. The platform only helps you to send and receive money. Therefore, you do not need to keep any funds in your WhatsApp wallet to use the service.

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