WhatsApp Pay has finally gone live in India!
On Twitter, the messaging app confirmed that it wants to make money transferring as easy as sending messages on the app.
Announcing the new feature, WhatsApp is all set to provide users with a secure payment experience. People can safely send money or share the cost of goods from a distance without having the need to exchange cash in person or go to a local bank. This helps increase rural participation in the digital economy and deliver financial services to those who never had access to such features.
This payment feature of WhatsApp is designed in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), India’s first real time payment system that enables transactions with over 160 supported banks. They’ve also partnered with five leading banks in India, including ICICI Bank, HDFC Bank, Axis Bank, State Bank of India and Jio Payments Bank.
To send money on WhatsApp in India, it’s necessary for the user to have a bank account and debit card. The app will send instructions to banks, also known as payment service providers that initiates the transfer of money via UPI.
To enhance security and privacy on the app, WhatsApp will make users enter UPI Pin for every payment. WhatsApp Payments is available for all iOS and Android users, one just needs to update the app to get their hands on the new feature. Only WhatsApp users can send and receive money through the app.
Starting today, people across India will be able to send money through WhatsApp 💸 This secure payments experience makes transferring money just as easy as sending a message. pic.twitter.com/bM1hMEB7sb
— WhatsApp Inc. (@WhatsApp) November 6, 2020