WhatsApp recently began rolling out its p2p payment to a select group of users in India—and the reception has been pretty impressive. Impressive in the sense that despite having other strong competitors already on ground, feelers from a couple of early testers have been encouraging. It is probably a brilliant idea for WhatsApp to add a payment service considering its large userbase that is said to be around 250 million.
Usually, you want to weigh your options before pitching your tent with any of the payment platforms available. To do that, you want to take a proper look at what benefits you stand to enjoy when you make the switch to WhatsApp, bearing in mind that it is a new entrant into the market. Here are 5 significant things to know for starters.
#2. Will only be available for individual accounts: The service will only be available for individual accounts. What that means is that it won’t be available for transactions with merchants.
#3. You can link your bank accounts: You will be able to link your bank account with the service. To do this, you must use the same mobile number as your WhatsApp.
#4. Transactions will be made through the UPI: All transactions will be made with bank accounts linked to India’s Unified Payments Interface (UPI) system. What this simply means is that you will be able to transact between accounts of different banks.
#5. Does not support utility payments: WhatsApp Payments does not currently support utility payments. This can be pretty annoying considering the fact that most users would have loved to pay their bills in a way that is easier and stress-free for them.
How to configure WhatsApp to start sending and receiving money from contacts: Verify your phone number via SMS and choose a bank from the list. Once this is done, the option to send payment is soon added and becomes available from the WhatsApp’s main interface. The functionality becomes available in the same area where you can also share file, video, contact and photo.
The feature is built on India’s Unified Payments Interface [UPI], which allows for instant money transfer between various bank accounts in India; one of the largest tech markets in the world. The UPI is a platform that enables exchange or transfer of funds between customers at no charges; and is the same as what other early entrants into the market are using.
We would like to hear from you—tell us how important the WhatsApp Payment service is to you, and if you plan to keep using it.