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What Is The Whatsapp Payment Service And How Does It Work?

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By Author: James Collom
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The WhatsApp payment service works just like Google Pay or other Indian payment services. It uses the Unified Payment Interface (UPI) which means that there is no intermediary for transactions and payments are made directly from the bank. You only need to register your UPI-linked bank account through the app. WhatsApp allows you to send money to people who have a UPIID but do not use WhatsApp Payments. You will need either the UPI ID or the QR code of the user to send money in these cases.
What is WhatsApp's payment service? How does it work?
WhatsApp Payment Service now Available to 20 Million Users in India
 
You must first create an account to use the WhatsApp payment services. Here's a quick guide.
 
How to pay WhatsApp with WhatsApp Payment
 
Step 1: Open the app, tap the three dots in the upper left corner or go into settings if you're an iOS user.
 
Step 2: Choose Payments> Add payment method> Select your bank in the list
 
...
... Step 3: To verify the bank account associated with your app, an OTP will be sent to your number.
 
Step 4: Follow these instructions to create your UPI PIN code.
 
After you have created your account, you can simply open a chat and tap the attachment icon. Next, select the payments' option. Once you've created your account, all that is left to do is to enter the amount and your UPI PIN code.
 
Why was the WhatsApp payment system delayed?
In 2018, WhatsApp began testing its payment service in India. However, due to certain RBI rules, it hasn't been officially launched in India. A previous report stated that NPCI had ordered WhatsApp to store its data locally within India and to share a timeline so they could see when it would be finished. These standards were not met by WhatsApp, and this caused the delay.
 
Fast forward to 2020 and the NPCI has given WhatsApp a green light to roll out its services. However, there are some conditions. The payment service is only currently available to 20million of the 400 million Indian WhatsApp users. It will gradually be made available to others.
 
NPCI also announced that third-party applications (including Google Pay) can only process a maximum 30% of UPI transactions processed through third-party providers as of January 1, 2021. The application's transactions over the past three months will determine the ceiling.
 
According to NPCI, "having a limit on transaction volume will help lower the risk of the whole setup and is crucial as UPI continues to grow, reaching two billion transactions per day in October."
 
WhatsApp has not yet announced the maximum number of transactions and maximum transaction amount that can be done within 24 hours.
 
The Facebook blog states that "We developed our payment function on WhatsApp with the National Payments Corporation of India(NPCI) using Unified Payment Interface (UPI), a real time payment system specifically designed for India. It allows transactions with over 160 banks supported by the UPI." We are thrilled to be a part of India's campaign for digital payments to make it easier and more accessible. This helps to develop financial inclusion in India.
 
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