Facebook-owned WhatsApp was reportedly testing the payment option for quite some time and it was expected that the company will roll out the feature in January. Now, company has introduced the feature for some of select users on both Android and iOS. The payment feature is powered by UPI which enables users to send and receive money easily. Here's all you need to know about the upcoming feature...
WhatsApp payment will be UPI-based WhatsApp has been working on developing a payment feature for quite some time. The company has now started rolling out the payment option to some select users. The WhatsApp payment option is powered by UPI. The UPI payment method gained immense popularity in the country last year. According to a report, approximately 145 million transaction took place via UPI in December 2017.
You can locate the feature in attachment options Users can locate the payment option in Whatsapp by tapping on the attachment button placed next to the camera icon. After that, users will see the payment option along with other options such as gallery, video and others. Once clicked then a list of banks will appear on the screen and you then have to select the bank to which bank account is being linked. After selecting the account, you will just have to verify it to send the money.
Both sender and receiver needs to have the option-enabled in their devices The beta testing reveals that in order to send and receive money via WhatsApp both the sender and receiver should have the UPI payment option enabled.
WhatsApp got approval for UPI integration in 2017 Last year the news of UPI integration in WhatsApp started doing the rounds of internet. Then in July 2017, the popular messaging app received the approval of Indian government for UPI integration last year in July.
WhatsApp has partnered with banks like SBI, ICICI Bank, HDFC Bank and Axis Bank for the feature Recently, the company revealed that it has also partnered with various banks in the country to enable the payment option. The list of banks which appeared in the list in app include ICICI Bank, HDFC Bank, Axis Bank, SBI, Yes Bank and others. Apart from the regular banks, the app will also support Airtel Payments bank.
WhatsApp payments rivals include BHIM, Paytm and Google's Tez app Last year many apps introduced the UPI payment option. So, the WhatsApp payment feature will compete against apps like BHIM, Paytm and Google's Tez as they already offer UPI payment support.
Security concerns will have to be addressed before the final rollout The Economic Times recently quoted a banking partner that the company has to think about various security concerns with regard to customers' banking data. Another banker told the publication that one has to be sure about the level on encryption to keep the data safe.
WhatsApp payment will be UPI-based WhatsApp has been working on developing a payment feature for quite some time. The company has now started rolling out the payment option to some select users. The WhatsApp payment option is powered by UPI. The UPI payment method gained immense popularity in the country last year. According to a report, approximately 145 million transaction took place via UPI in December 2017.
You can locate the feature in attachment options Users can locate the payment option in Whatsapp by tapping on the attachment button placed next to the camera icon. After that, users will see the payment option along with other options such as gallery, video and others. Once clicked then a list of banks will appear on the screen and you then have to select the bank to which bank account is being linked. After selecting the account, you will just have to verify it to send the money.
Both sender and receiver needs to have the option-enabled in their devices The beta testing reveals that in order to send and receive money via WhatsApp both the sender and receiver should have the UPI payment option enabled.
WhatsApp got approval for UPI integration in 2017 Last year the news of UPI integration in WhatsApp started doing the rounds of internet. Then in July 2017, the popular messaging app received the approval of Indian government for UPI integration last year in July.
WhatsApp has partnered with banks like SBI, ICICI Bank, HDFC Bank and Axis Bank for the feature Recently, the company revealed that it has also partnered with various banks in the country to enable the payment option. The list of banks which appeared in the list in app include ICICI Bank, HDFC Bank, Axis Bank, SBI, Yes Bank and others. Apart from the regular banks, the app will also support Airtel Payments bank.
WhatsApp payments rivals include BHIM, Paytm and Google's Tez app Last year many apps introduced the UPI payment option. So, the WhatsApp payment feature will compete against apps like BHIM, Paytm and Google's Tez as they already offer UPI payment support.
Security concerns will have to be addressed before the final rollout The Economic Times recently quoted a banking partner that the company has to think about various security concerns with regard to customers' banking data. Another banker told the publication that one has to be sure about the level on encryption to keep the data safe.
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