Mobile Payments to become even more easy WhatsApp Pay all set to roll in India.

With around 400 million users engaging monthly, Whatsapp has become India’s leading communication application. According to the new notice launched by the company, Whatsapp is all set to launch a new feature through Whatsapp Pay. The Whatsapp beta test, which was accessible by selected users since February 2018, proved to bear a positive response, despite being allowed only small-value transactions by the NPCI, which runs the UPI platform in the country.

What Has Been Done So Far?

Whatsapp has had an infamous reputation to spread news like wildfire, some of which fake, and the government has been apprehensive of the abilities of discretion of this messaging giant. This is the biggest reason why Whatsapp Pay took this long to be officially launched for the masses in the country. After slowly complying with the data localization rules set-up by the RBI, Whatsapp Pay is ready for the big launch. Since RBI requires payment data to be stored locally, Whatsapp is already working with third-party auditors to make the mandate happen. Whatsapp is approaching banks like Axis, ICICI, HDFC, and SBI to offer them their payment services. The public rollout of Whatsapp Pay will take place in phases, which is apparently due to its large number of users in India. The first phase has been granted to cater to 10 million users, according to the National Payments Corporation of India (NCPI).

Why Whatsapp Pay?

With a need for the users to have access to easy and hassle-free payment options, Whatsapp pay can prove to be a good alternative from all the currently available applications. Besides, Whatsapp is already in use and preferred by around 96% of the users, who might automatically divert to use Whatsapp Pay as their ideal option for payments. This wide reach of Whatsapp and its already established ease to the users can prove to be a plus point for the company.

Whatsapp Pay, based on the Unified Payments Interface (UPI) standard, is different from other apps that offer payment services. UPI, developed by NPCI, lets bank account holders send or receive money electronically without entering their net banking user ID or password.

How to Set Up Whatsapp Payments?

• Select the Add New Account option present inside the Bank account header.
• Now tap on Accept and continue after reading all the terms and conditions.
• Select the Verify option via SMS and follow all the prompts to send an SMS for starting the UPI linking process.
• On the next tab, choose the bank account which would like to add for using the WhatsApp payments feature.
• If your account (or multiple accounts) has been linked with the registered Whatsapp number from which you just sent the SMS, the ‘UPI Setup Complete’ text will be then be displayed on your screen.
• Once the Whatsapp Payment option is enabled in your account, go to a chat window and open the chat to which you want to send money.
• Now, tap on the attachment icon which will now have a new Payment option.
• After selecting the Whatsapp Payments option, enter the amount before and the UPI pin in order to complete the transaction.

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