WhatsApp Payments: How to Send And Receive Money

Users can now make digital payments using WhatsApp through a WhatsApp feature called “WhatsApp Pay”

WhatsApp has finally launched its payments feature in India. WhatsApp Pay is slowly being rolled out to people across the country, so if the feature hasn’t shown up for you yet, do not worry as it should show up soon.

WhatsApp Payments has been designed in partnership with the National Payments Corporation of India or NPCI, and it is based on the Unified Payments Interface or UPI. To get started you need to be on the latest version of WhatsApp for Android or iOS. Your WhatsApp number should be the same number that’s linked to your bank account too. Read this article, as we tell you everything you need to know about WhatsApp Payments.

WhatsApp Payments: How to set up
WhatsApp Pay enables peer to peer digital payment via the messaging platform. Here’s how to set up WhatsApp Payments on your smartphone.

Open WhatsApp > go to Settings > tap Payments.
Tap Add payment method. Next, choose your bank.
After you’ve selected your bank, you’ll need to verify your phone number. Tap Verify via SMS.
Wait for the verification process to finish. Once done, your bank details will be added below Payment methods.
WhatsApp Pay: How to make payments
WhatsApp Payments lets you send money to WhatsApp contacts as well people who are not registered with WhatsApp Pay. Follow these steps to send money to a WhatsApp contact.

Open a WhatsApp chat and tap the attachment icon.
Tap Payment > type the desired amount > hit enter.
Enter your UPI pin to complete the payment.

Follow these steps to send money to those people who use other UPI apps such as PhonePe or Google Pay.

Open WhatsApp > go to Settings >tap Payments.
Tap New Payment > tap Send to a UPI ID > enter the UPI ID > hit Verify.
After the UPI ID is verified, type the desired amount and hit enter.
Enter your UPI pin to complete the payment.
You can also send a request to your WhatsApp contacts who have not yet registered with Whatsapp Payments. To do that, follow these steps.

Open a WhatsApp chat > tap the attachment icon > tap Payment.
On the next screen, tap Notify to let the other person know about WhatsApp Payments feature.
By following these easy methods, you can start making digital payments via WhatsApp. This is everything that you need to know about WhatsApp Payments.

The post WhatsApp Payments: How to Send And Receive Money appeared first on Tech Digest News.

TECH DIGEST – WhatsApp on Friday entered an increasingly tense battle between multinational giants such as Google and Alibaba for a chunk of India’s fast growing digital payments market.

The Facebook-owned firm said it was launching Whatsapp Pay just hours after it was given permission by the country’s payments regulator. India is the messenger firm’s biggest market with some 400 million users.

Whatsapp Pay — which allows people to send and receive money through the messaging platform was launched in Brazil in June but was quickly suspended because of competition objections raised by the central bank. Authorities have since indicated that it will be allowed there.

Facebook chief Mark Zuckerberg said in a video statement accompanying the India launch that the move would boost “innovation” in payments.

Zuckerberg also hailed India’s Unified Payments Interface (UPI) which is used in the country of 1.3 billion people to manage payment apps, with more than 140 Indian banks part of the network.

UPI is also used by Alphabet Inc’s Google Pay, Walmart’s PhonePe and Alibaba-backed Paytm, which dominate India’s digital payments market.

“India is the first country to do anything like this,” said Zuckerberg of the network.

India’s UPI processed more than two billion transactions in October and 1.8 billion the previous month.

The stakes are high for all the competitors as the digital payments market was worth about $75 billion in 2019 and is expected to rise past $500 billion by 2025.

WhatsApp has linked up with five Indian lenders including State Bank of India, the largest public sector institution, HDFC Bank, ICICI Bank, Axis Bank and Jio Payments Bank to roll out the service.

The National Payments Corporation of India has put a cap of 20 million users of the Whatsapp service in the first phase. All must have a debit card and a bank account.

The American firm has been waiting for two years to launch its service, testing pilot payments for about a million customers.

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