WhatsApp is a secure messaging system used by people all around the world. Did you know that WhatsApp messenger currently has approximately 2 billion monthly active users, outranking Facebook at 1.3 billion and WeChat at 1.2 billion? That is a lot of users!
Recently, WhatsApp released a new feature of their app, allowing users to have a digital wallet which allows for sending and receiving money instantly and securely with no fees. In this article, we will outline how to setup WhatsApp Pay, provide a step-by-step guide to sending and receiving money through the app, and alternatives to transferring money internationally.
Yes, WhatsApp Payment features are only available in India, Brazil, and select users in the US for now. India is actually the fastest-growing digital payment market, which means the competition is fierce. WhatsApp Payment is doing its best to make a name for itself in India and Brazil even though it is entering the market after larger players such as Google Pay, Paytm, PhonePe (owned by Walmart), and more.
After gaining approval from the NPCI (National Payments Corporation of India) to expand its digital payment platform, also known as WhatsApp Pay, Meta is gearing up to get a piece of this pie.
Let's try to understand the what, the why, and the how of this new UPI-enabled payment app - WhatsApp Pay.
WhatsApp Pay is a Unified Payments Interface (UPI) platform that enables bank-to-bank transactions via a smartphone.
Simply put, it is an in-chat payment feature that allows you to send & receive money from anyone on your contact list. Once you send money to a contact, a UPI ID is activated, users can enter UPI ID and send or receive money, and for people not in your contact list, money can be transferred using a QR code.
WhatsApp had initially launched a payment partnership with ICICI Bank in 2018 to millions of users. In Feb of 2020, WhatsApp Pay received NPCI's approval to launch services in a phased manner.
Users can see the payment notification above the list of chats in the same mobile app, and it's super easy to use. This is one of the primary reasons why over 1 million people prefer WhatsApp Pay over other UPI-centered applications.
Is WhatsApp Payment Available in the USA?
Yes, for a small number of users. To send money using WhatsApp in the US, you will have to sign up for Novi, a digital wallet owned by Meta that owns Facebook as well. Here is a step-by-step guide to sending money using WhatsApp in the US:
WhatsApp is used by millions of people across different countries. However, WhatsApp payment features are only available in India and Brazil for now.
Today, there are also alternatives to sending money from India to abroad.
With a transaction limit of 100,000, WhatsApp Payments has an advantage over most other UPI apps, which only go up to 50,000.
Another most prominent facet - the UPI service is free, so you don't have to shed a single dime to conduct transactions.
You can use WhatsApp Pay to send money to anyone with their UPI ID enabled, irrespective of which app they are using, ranging from GPay, Paytm to PhonePe. So even if the receiver is not registered for WhatsApp payments, all you need is their BHIM, Google Pay, PhonePe, or UPI ID to transact.
This will be followed by the same process of phone number and bank account verification. And once both parties have completed this process, you can send/receive payments simply by opening the contact's individual chat and navigating payment through the attachments icon.
Now that you understand all the 'whats' of the platform, let's look at some of the most intriguing features or the 'why' of WhatsApp Pay.
Let's look at how to setup WhatsApp Payment. To use WhatsApp Payment, first and foremost, you need the following:
To activate the WhatsApp payments service on your smartphone:
Please Note: Only banks supported by WhatsApp UPI will be listed, so select your bank account carefully.
Currently, only four banks have enabled WhatsApp banking, namely:
After the UPI PIN is set up successfully, tap 'Done', and you're all set to pay or send money via the 'attach' option in individual chats.
Remember, you may be asked for the UPI PIN every time you want to send money via WhatsApp Pay; it's for your own security. Also, another point to note - money will only be sent to accounts that have the UPI payments service enabled.
In conclusion, WhatsApp is an all-in-one messenger, and payment platform - It's cashless, it's hassle-free, it's secure, and it's user-friendly. Moreover, there's no transaction charge. And it's super easy to use. What's more, it doesn't require inputting a bank account number and IFSC code every single time you want to send money to someone.
However, there is still a long way to go for WhatsApp to support international payments. The best way to send money internationally is through money transfer service providers. Make sure you compare the money transfer options to save on every transfer when you need to send money to India online.
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