WhatsApp UPI-Payment Services Go Live in India From Today.
The competition digital payment space of the country is about to get more cut throat as WhatsApp pay has finally entered the segment , going live in the country from today. Almost after two years of testing its payment services in India, WhatsApp has finally introduced the UPI services, after the National Payments Corporation of India (NPCI) gave the green flag to the messaging app on Thursday.
“This secure payments experience makes transferring money just as easy as sending a message,” WhatsApp said in a statement.
According to the guidelines of NPCI, a single third-party payments app can carry a maximum 30 percent of the UPI transactions on a monthly basis. Hence, out of the user base of 400 million, the feature is being rolled out only for 20 million users in the country for the time being, with plans for expansion of the user base in a phased manner.
How to set-up and Use WhatsApp Pay?
- To set up an account, one has to ensure that the phone number registered on WhatsApp must be similar to the one with your bank account. Since WhatsApp would be directly linked to your bank account, there won’t be any requirement to get the KYC done. After selecting the bank, an auto-detect message would be sent from the app to your phone number for the UPI verification.
- To make the payments, users should select the ‘attachment’ icon and select ‘payment’ option from chats. Add the payment amount along with a UPI pin and complete the transaction. In order to receive or request a payment, users can look out for the ‘request’ option on the screen where they can enter the amount and send a request notification. The receiver of the notification can simply tap on it and make their payment.
WhatsApp UPI- powered payments will be supported by the 160 banks in the country. The latest version with the updated feature will be available for both iPhone and Android users.