WhatsApp has finally confirmed its long-rumored plans to debut the in-app payment system. With the new WhatsApp update, users can now send and receive money directly to their bank accounts. Backed by Unified Payments Interface (UPI), the WhatsApp Payments feature is available for both Android and iOS users.
In case you owe money from your friends, WhatsApp provides you with a simple, easier way to pay them back without leaving your chat window. The new WhatsApp update comes after a beta trial of the new peer-to-peer payment system on nearly 1Mn WhatsApp users. The messaging tycoon has confirmed that it will now roll out the functionality to every user in India.
The Payments feature links users’ phone number to their bank account making the transfer of money easier like never before. The new WhatsApp update marks the first global incursion into money transfer by the Company. However, it has entered a very competitive market with Google’s payments app last year.
WhatsApp’s parent Company, Facebook has already offered a peer-to-peer payment system via its Messenger. In the meantime, Apple, with the launch of iOS 11.2 last year, has given users the ability to send money via Apple Pay within its iMessage.
The Payments feature in the new WhatsApp update is quite convenient. Given that it’s based on UPI, so the money will go directly to your bank account, eliminating the need for mobile wallets and related tools.
In order to try your hands on the new feature, you need to update your WhatsApp to the latest version 2.18. However, it’s worth noting that you’ll not get the Payments feature just by upgrading the app, but also you need someone, who has already got the feature, to message you. Once done, open your messaging app and the feature will automatically show up.
To use WhatsApp Payments to send money to your friends, tap on Settings and then search for the Payments tab. Next, verify your phone number by choosing the Verify via SMS option. As soon as your number has been configured, add your back from the available list of more than 70 banks.
New users are able to make a UPI account with a pin to verify the payments inside the app. You can do so by following the on-screen instructions the app provides. The WhatsApp Payments feature will work only if the recipient has set up their bank account within the app.
Now, launch WhatsApp and go to the contact to whom you wish to send money. Tap on the attach option or the plus icon. You’ll be presented with a drop-down menu. All you need to do is simply select the Payments option, add your amount, and authenticate through the UPI PIN you’ve earlier created.
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