Mumbai, November 6: WhatsApp Pay is an in-chat payment feature that allows users to make transactions via WhatsApp to their contact list.  The company mentioned in a blog that it wants to make money transferring as easy as sending messages on the app.

WhatsApp has designed its payments feature in partnership with the National Payments Corporation of India (NPCI) using UPI. It thus joins in the league of other payment apps which includes Paytm, PhonePe, Google Pay among others. WhatsApp Gets Approval by NCPI to ‘Go Live’ on UPI in Graded Manner for 20 Million Users in India.

Here are 5 things which you need to know before setting up WhatsApp Pay

  • WhatsApp has partnered with five leading banks in India including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank.

  • In order to send money on WhatsApp in India, it’s necessary to have a bank account and debit card in India.

  •  People can also send money through WhatsApp to anyone who is using an app that supports UPI.

  • India is WhatsApp's largest market, and an important country for Facebook, which is looking for areas to add new users as more lucrative markets like the US and Europe get saturated.

  • This new service received approval from NPCI to go live on Unified Payment Interface (UPI) in the multi-bank model. The approval comes after two years of testing.

What is WhatsApp Pay?
India allowed Facebook Inc. to start operating its WhatsApp payments service in the world's biggest open technology market. In order to use WhatsApp Pay, a user must initiate a payment to a contact. Once the request is received, the user can set up their UPI account on WhatsApp.
Here's How to Use WhatsApp Pay
One can send money directly through chat by tapping on the share file icon and selecting ‘payment’. The ‘payment’ section is available on the shortcut menu. Fund transfers can be initiated without having to provide bank account numbers and IFSC codes of recipients.
WhatsApp allows you to send money only to those contacts that have registered for WhatsApp Payments. If you try to send money to a contact that has not enabled the service, you get an option to intimate the user to enable payments to receive money.

(The above story first appeared on LatestLY on Nov 06, 2020 12:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).