FP TrendingDec 22, 2020 09:37:53 IST
WhatsApp Payment, a payment feature by Facebook-owned WhatsApp, is now available for up to 20 million users in India. The facility has been launched with support from banking partners including the State Bank of India (SBI), HDFC, ICICI, and Axis Bank. The WhatsApp Payment feature could serve as a competitor to other digital payment apps including Paytm, Google Pay, PhonePe. WhatsApp Payment has been designed on the National Payments Corporation of India’s (NPCI) Unified Payment Interface (UPI) system. It received the approval to go live on a peer to peer basis in November 2020.
Through the WhatsApp Payment feature, users can safely and easily transfer money, in a similar way to sending a message through WhatsApp.
Head of WhatsApp, India, Abhijit Bose said that the company is privileged to partner with SBI, ICICI Bank, HDFC Bank and Axis Bank to bring simple and secure digital payments to WhatsApp users across India.
“UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” Bose added.
How to transfer money via WhatsApp Payment
Step 1: Open WhatsApp on your smartphone
Step 2: Click on the contact you would like to send money to
Step 3: Press the attachment button in the chat
Step 4: Click on the Accept and Continue option
Step 5: Select the name of the bank from the list
Step 6: Tap on verify via SMS
Step 7: You will receive a verification code via SMS on your phone
Step 8: The account linked with your number will be displayed
Step 9: Select and enter the amount you would like to send across
Step 10: Enter the UPI pin to verify your payment and your payment will be processed
After this, You will be redirected to your WhatsApp chat where you can see the amount that you have sent across in the message box.
The digital payments sector in India is expected to increase “five-fold” by 2023 and touch the $1 trillion mark. WhatsApp has the largest market in India with more than 300 million users.