As you all might be knowing instant messaging application WhatsApp has launched its P2P payments in beta version. While it is not available to everyone currently, the feature will make sending money via the instant messaging app as easy as sending or receiving an image or video.
The steps involved are fairly easy; a customer is required to register mobile number against a bank account, and once the process is complete, any of the UPI apps can be used on WhatsApp.
The company has been working on support for a payments feature for some time, which would take advantage of UPI (Unified Payments Interface) and include support by a number of Indian banks, including State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.
Beta testers have now found that this functionality is live, with a large list of supported banks displayed in the WhatsApp user interface.
According to screenshots posted to Twitter and elsewhere, including this post from the blog iPhoneHacks, those who have gained access to the new functionality will see a payments feature to appear in their WhatsApp Settings menu.
Users must then configure the feature by first verifying their phone number via SMS and choosing a bank. The option to send a payment is then available from the main WhatsApp interface, in the same area where you can also share a photo, video, file, contact or location into your chat session.
The Facebook-owned company had received approval from the Indian government to integrate UPI into its messaging service last July in order to implement payments, according to The Economic Times.
The addition puts WhatsApp into competition with other messaging services that already support payments, including the recently launched Tez from Google and Tencent-backed Hike, for example, as well as digital wallet platform Paytm, which expanded into messaging in order to take on WhatsApp more directly.
However, WhatsApp’s support for payments is highly anticipated because of the app’s huge popularity among Indian users. India is WhatsApp’s largest market with over 200 million users active daily users. In fact, it’s so heavily used in that country that it’s even led to issues as Indians grapple with the social norms involving daily messaging ranging from phones’ storage filling up with “good morning” messages, to drama over exiting family group chats.
The potential for WhatsApp to dominate Indian P2P payments is strong, given that millions of people have come online in the region thanks to lower-cost data plans and cheap smartphones. The country even surpassed the U.S. for combined iOS and Android downloads for the first time in Q4 2017, according to App Annie, as smartphone adoption is surging.
We understand that WhatsApp will let users know when P2P payments become more widely available in India after the best testing phase completes.
Important Points to follow:
1) You need to be on the latest version of WhatsApp
2) The person you are willing to make the transaction with also has to have the latest version of the application
3) If you are attempting to send money to another person for the first time, that individual’s payment feature also gets automatically activated on WhatsApp
4) Your WhatsApp number and the number registered to your bank needs to be the same
5) WhatsApp takes care of UPI ID, making the process much simpler
6) Phone number to be verified, processes to follow automatically
If you like this content and want to connect with us then please subscribe our newsletter. and please follow us on social networks. and Stay connected with Softmunch.com
Tags: WhatsApp Payments in India | WhatsApp UPI | How to send money through WhatsApp | Whatsapp Money transfer | Payments from WhatsApp