The much-awaited WhatsApp Payments feature has finally started rolling out for the users. The UPI-based payment feature is currently available for Android and iOS beta users and is yet to be rolled out for the non-beta users. The new option will enable WhatsApp users to both send and receive money from anyone on their contact list. The Facebook-owned app has tied up with top public and private banks to make the service useful for its consumers. What is more interesting is that since it works on the Unified Payments Interface (UPI) platform, users do not need the IFSC code to initiate a transaction.
How to send money via WhatsApp Payments?
There are two ways of sending money to a friend or a family member. But before that, make sure you have a UPI account. Once the UPI account is created, open the WhatsApp > Settings > Payments > New Payments > Select contact > Enter amount > UPI Pin > Send. If your account does not have a payments account it will ask you to notify the concerned person to create one. After the payment is successful, you will get a receipt of the same on your chat window.
The other option is more direct and can only be done once you have activated your WhatsApp Payments account.
Here are the steps:
Step 1: Open WhatsApp.
Step 2: Select the person you want to send money to,
Step 3: Click on payments option in your chat settings.
Step 4: Enter the desired amount.
Step 5: Enter UPI pin and voila.
Features and Benefits of WhatsApp Payment:
– Now you make payment to anytime and anywhere via WhatsApp Payment. The only restriction is you can send money to your a person from your contact list.
– It is a user-friendly ‘pay’ feature which makes funds transfer very simple.
– The sender and the receiver will both receive a payment notification on their chat window once the fund transfer has been made is complete.
– There is no need to enter IFSC code. All you need is a virtual address.
The WhatsApp Payments feature will be directly competing with Google Tez and BHIM UPI app. Unlike its predecessors, WhatsApp Payments currently does not offer any cashbacks to its users.