The data related to payments is being stored, so before the Whatsapp Payments comes out to its multiple users, WhatsApp also needs to get an audit done by third-party auditors.
Last February WhatsApp introduced its Unified Payments Interface (UPI)based money transferring platform WhatsApp Payments with a limited user base of about 1 million users. The hurdles like technical and regulatory have kept the Facebook-owned social messaging app from expanding the service in India. There are things which are now sorted and cleared and now as per the report the company is allowed to launch a Whatsapp Payments in India and it is expected to be launched till September 2019.
So 2019 has brought you with the improvised change in the payment system also.
It is also noted that the whole matter was discussed by the two of the bankers that it may take the social messaging app up to five months to localize its payments-related information in India and be available to all its users across the country.
The only limited number of people in India can easily access this Whatsapp Payment App, who all are in partnership with the several govt. and private banks which includes ICICI Bank, Axis Bank, HDFC Bank, and the State Bank o India. But this is likely to change in the coming months.
Earlier this month, reports suggest that the company had agreed to comply with the norms prescribed by the Reserve Bank of India (RBI) regarding the storage of payments related data within the country. And everything is planned with the guidelines of RBI.
So, this technology will not only help people to communicate but also help them in a transfer of money.
So here is what you can see that WhatsApp has become a tool which will be more than a messaging app. A new feature that is of money transfer is being added to this application. By introducing this UPI-based payments feature, the instant messaging application is basically trying to counter the other available wallets in India like Paytm, Mobiwik, Google Tez and the rest. This payments feature is UPI-based which will basically allow users to transfer money directly from their bank accounts to their friends account instantly.
Workings of the new feature of Whatsapp:
- Things to keep in mind before using WhatsApp Payments:
- Before using the payments feature, the sender and the receiver should ensure that both have their phones running on the latest WhatsApp version.
- Also, the sender and the recipient of the money should have the payments feature available to them.
- Another important factor that the sender should keep in mind is that his/her WhatsApp number should be the same as the number linked to bank account along with UPI option activated.
Transfer money through Whatsapp by following these steps:
- First, upgrade your WhatsApp to the latest version. For Android, the payments option is available on version 2.18.46. Note: iOS users will eventually get the feature in the forthcoming days.
- Users can head on to Settings > Payments to start setting up the Payments option.
- A user can also directly go to the chatbox of the contact they wish to transfer money and select the payments option by going to the Attachment icon > Payments.
- On clicking the Payments option, users will be welcomed by a new message saying Send and receive money securely with UPI.
- Users can tap on Accept and Continue button to start accepting the WhatsApp Payments.
- Users then need to verify their phone numbers via clicking on Verify via SMS option > Click on send button in green. After which WhatsApp will send a verification SMS. Note: SMS charges will be applicable.
- After configuring the WhatsApp number, users will then need to select their bank from the list of over 70 banks offered by WhatsApp, including all the major banks like ICICI, SBI, HDFC and the rest.
- After upgrading to UPI, and linking to phone number, users can simply click on the Payment option > Select the bank account > Enter the amount > Enter UPI Pin > Click on Send. And the money is deducted from your account and credited to your friend's bank account instantly.
The advantage comes here that people usually use this app and the history of payment will be tracked, the payment which you have sent or received will be secured. Alongside this, WhatsApp also notifies the user as well as the sender about the money transfer.