How to Set Up WhatsApp Payments on Your Smartphone to Send & Receive Money

Facebook-owned WhatsApp has begun its payment service in India after the approval from the National Payments Corporation of India (NPCI). Facebook CEO Mark Zuckerberg confirmed that no fee will be charged for sending money via WhatsApp Pay. WhatsApp Pay feature relies on the country's Unified Payments Interface (UPI) to facilitate money transfer in India. Users in India can now send & receive money to and fro friends & family. Here's how you can get started with WhatsApp Pay on your smartphone to send & receive money. WhatsApp Pay: No Money to Be Charged for Making Payments Through WhatsApp, Says Facebook CEO Mark Zuckerberg.

1. To get started, you will have to link your bank account to WhatsApp Pay.

2. Open your WhatsApp & click on the three-dotted icon on the upper right side.

3. Tap on 'Payments', 'Add Payment Method' & 'Accept & Continue'.

4. A list of all the banks will be shown on your screen & choose your bank from the list.

5. Now you will have to verify your mobile number. So make sure the phone number that you are using is linked with your bank account.

6. Hit 'Verify via SMS' to authenticate your bank account & click on 'Allow' to let WhatsApp verify your mobile number with your bank account.

7. Tap on 'Allow' again for WhatsApp to send texts to authenticate your account.

8. After successful verification, WhatsApp will display all bank accounts registered with your mobile number & select the one you would like to pick & finish setting up payments.

9. Hit 'Done' & now you will see the payment method listed in the payments page.

To receive & send money, follow these steps:-

1. In WhatsApp, select the contact you want to send money to, click on the clip icon located at the bottom right side & hit 'Payment'.

2. Enter the amount that you want to transfer to the contact, put in your UPI pin & tap on the 'Green Arrow' button.

3. After the transaction is done, you will get a confirmation message that shows up directly in the conversation window chat.

It will be interesting to watch where will WhatsApp Pay stand. WhatsApp Pay will compete with Google Pay, BHIM, PhonePe, Paypal & Paytm.

(The above story first appeared on LatestLY on Nov 06, 2020 06:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).