WhatsApp Pay is an In-Chat Payment feature from Whatsapp that allows users to make payments directly to anyone on their WhatsApp contact list. The new option will allow WhatsApp users to send money as well as receive it on the WhatsApp. The platform for social media messaging has joined up with some of the world’s largest banks to make this service available to its users.
The payment system will work on the Unified Payments Interface (UPI) process, where fund transfers can be initiated without having to provide a bank account number and IFSC code.
The UPI interface allows customers to make instant fund transfers through a virtual address, also known as, Virtual Payment Address (VPA). The fund transfer process is fast, easy, and can be done on a 24/7 basis on all 365 days in a year.
How to Make a Payment Using WhatsApp Pay
To initiate a transfer of funds using WhatsApp Pay;
Tap on the ‘Rupee’ icon under the ‘Attachment’ option.
Next, money transfers can be made by entering the transaction amount and the UPI PIN in a single step.
The main advantage of this type of payment system is that users will not have to navigate out of the chat window to make a payment.
Now let’s understand the step-by-step method of making payments by Whatsapp (for Android users):
Step 1: Navigate to the chat window of the person you would like to pay to, and click the attachment icon.
Step 2: Click the ‘Payment’ option in the chat menu and click to accept terms and conditions.
Step 3: Enter the amount you want to transfer, UPI PIN, and send.
For those using iOS devices, Click on the plus symbol in the chat window and follow the procedure from step 2.
Benefits Of WhatsApp In-Chat Payment To Small Businesses
- It makes payment easy as ABC. The feature is simple, direct, and also user-friendly.
- With any smart device, You can make payment to anyone on the WhatsApp contact list from anywhere at any time.
- The payee/beneficiary receives a payment notification on their chat window once the fund transfer has been made.
- No need for bank account details or IFSC code. All you need is the payee’s virtual address and you can make payment.
You can also send money via WhatsApp QR code scan feature
To initiate a fund transfer using the WhatsApp QR code scan feature:
- Go to Settings and select the Payment options.
- Next, select the New Payments option followed by the Scan QR Code button. You will be prompted to add the amount you want to transfer as well as the UPI PIN for verification.
- Your entire transaction history will be displayed under the Payments section. Moreover, the app will also let you view your bank accounts linked with WhatsApp.
Though the feature has not been rolled out officially
WhatsApp has already launched the In-chat payments in Brazil, after testing a beta version in India since 2018. The payments are enabled through Facebook Pay, which parent company Facebook said last year it would be rolling out to Instagram, Messenger, Facebook, and eventually WhatsApp.
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“Payments on WhatsApp are beginning to roll out to people across Brazil beginning today and we look forward to bringing it to everyone as we go forward,” the company said in the post. WhatsApp says its digital payments are an open model that will allow it to add more partners in the future.
There will be no fees for consumers to use the payments service, but merchants will pay a processing fee to receive payments. Users need to link a credit or debit card to their WhatsApp account, and transactions are secured with either fingerprint or a six-digit PIN. The company says it will support debit or credit cards from Banco do Brasil, Nubank, and Sicredi, and it’s working with Brazilian payments processor Cielo.
Questions Frequently Asked About WhatsApp Pay
How safe is WhatsApp Pay?
Ans: According to WhatsApp, the payment data is used to protect people from fraud and abuse, offer customer support, and enable transactions. The service provider for WhatsApp Pay is Facebook, and their payment structure is secure and safe.
What is the procedure to accept payments via WhatsApp?
Ans: Since the payment feature is UPI-based, the WhatsApp number must be the same number that is linked to the bank account. The bank account must have UPI option support as well. To enable the service, you must use the Payment Option that can be found in WhatsApp settings.
What is the procedure to set up WhatsApp UPI?
Ans: The procedure to set up WhatsApp UPI is mentioned below:
- Open WhatsApp and go to ‘Settings’.
- Select ‘Payments’.
- Tap on Add new account.
- Choose the bank from the options that are provided.
- Next, your mobile number must be verified to set up a UPI account.
- By using the UPI PIN, you can verify the bank account.
What is the maximum amount of money that can be transferred via WhatsApp Pay?
Ans: Money can be transferred 20 times to a single VPA or multiple VPAs. The maximum amount that can be transferred via WhatsApp Pay is Rs.1 lakh in a day. The government has set a limit of Rs.1 lakh as well.
Are WhatsApp payments secure?
Ans: Since WhatsApp pay is done by using the government’s UPI payments system, any payments made via WhatsApp Pay are secure.