WhatsApp Pay now in India, 10 interesting facts.

whatsapp payThe digital payment sector in India 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 both iOS and Android mobile users in India. This is available only on latest version of WhatsApp.

WhatsApp Pay  uses the UPI, a live payment system supported by more than 150 banks in India. WhatsAppPay 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 crore 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 per cent of the total UPI transactions per month are 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 comes with the same instant messaging app 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 150 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, Paytm Payment Bank, RBL, Punjab, Sindh Bank, Union Bank of India, Allahabad Bank, Airtel Payment Bank, Andhra Bank, Punjab National Bank, , United Bank of India, UCO This includes Bank and Yes Bank.

What can you pay for 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 WhatsAppPay for UPI with your bank account, you can make payments to a WhatsApp friend 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 to get payment?

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 have to be completed in 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 will already be KYC verified. Summary that you do not need extra KYC to use WhatsApp Pay.

Is WhatsApp Pay service is free ?

As with all UPI services, WhatsAppPay 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 or an IFSC code.

Is WhatsApp Pay available only 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

Google Pay, Bhim, Phone Pay, and more .WhatsApp Pay runs the same system in UPI that uses 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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