Started with the purpose of instant messaging, WhatsApp is not a mere messaging app anymore. WhatsApp has outshined other apps of this genre with its multifaceted usage and handy features. WhatsApp Pay is the newest inclusion here – let’s explore it and find all its details.

What Is WhatsApp Pay?

Launched in February 2018 in partnership with ICICI Bank, WhatsApp Pay is an in-chat payment feature of WhatsApp through which one can send/receive money without jumping to any other app. It is a UPI-based payment system, developed by NPCI and powered by BHIM UPI.

Features

The features of WhatsApp Pay include the following:

1. Payment to anyone in the contact list
2. Simple to start and simpler to use
3. Payment notification on the chat window itself
4. Bill payment, ticket booking, business payments, and many more facilities

How Does It Work?

It works just like any UPI-enabled app – users first have to link the bank account and then select the beneficiary to transfer money with WhatsApp Pay. To complete a transaction, the sender needs to enter the amount, followed by the PIN.

Transacting With WhatsApp Pay

To transact with WhatsApp Pay, the first step is to link the bank account with it and then, initiate a transfer. The detailed process of it is as follows:

1. Open WhatsApp
2. Hit the “Settings” (in iOS devices) or three dots (in Android devices) and open “Payments”
3. Tap on “+ Add Payment Method”
4. Select “bank account” or “card” (Whatever you want to use)
5. Complete the verification

At the time of linking the account, make sure the mobile number through which you are using WhatsApp is registered with the selected bank account or card. This is essential.

Bank account linking is a one-time process.

Sending Money With WhatsApp Pay

Moving on to sending money, it is as simple as sending a text message. To send money, following is the process:

1. First open WhatsApp
2. Then open the chat of the person you want to transact with
3. Click on the '₹' sign at the bottom (just beside the attachment, camera, and microphone icons)
4. Enter the amount
5. Add a note (optional)
6. Enter the PIN to verify the transfer

The sender will receive a notification within that chat right after the transfer is completed. The recipient's number must remain saved in the sender's phone – this is "Good to Have"; however, it is not "A Must Have". A sender can scan the payment QR of the recipient to send money, in case, the number of the beneficiary is not saved. Scan option will be available under settings> Payments (iOS) or three dots> Payments (Android). Payment history will also be available there.

Daily Limits For Sending Money

At the time of sending money, a sender can do maximum 20 transfers in one day – it can be to the same contact or different – total number of daily transfers should not exceed 20.

In terms of value, in one day a sender can transfer maximum 1 lakh rupees – to one or multiple VPAs, total value must not cross 1 lakh.

Receiving Money With WhatsApp Pay

To receive money, a recipient only needs to link the account with WhatsApp Pay and the WhatsApp number must be registered with the bank account. That’s it. The transferred amount will reach the account automatically. No additional effort!

The recipient too will get a notification on receiving a payment.

Benefits of WhatsApp Pay For General Users

WhatsApp is known for securing chats with end-to-end encryption and this security is coupled with the safety features of UPI in WhatsApp Pay. This additional layer of security makes all the transfers initiated through WhatsApp ultra-secure. Apart from security, some other benefits of WhatsApp Pay are:

1. Instant transfer – Super fast and convenient transfer
2. No dependency – Payers only need the mobile number to transact, instead of QR, account number, IFSC, etc.
3. Cost-effective – It is free to use

WhatsApp Pay is just like UPI but safer because of end-to-end encryption along with two-step authentication.

“But I use WhatsApp Business Account! Then, why should I use WhatsApp Pay? What will it bring for me?” – are you thinking the same? Then, the next section is just for you.

Benefits of WhatsApp Pay For Business Accounts

WhatsApp Pay is a handy payment solution for business accounts because of

Enhanced Customer Experience: It helps the end-users to browse products of the business, select a few to purchase, and make payments within WhatsApp. Previously, they get redirection to payment apps to complete the payment after selecting products. But with WhatsApp Pay, they can complete the payment in WhatsApp window, so, the customers can get an app-like friction-free experience during their shopping.

QR Scanning Feature: As WhatsApp Pay comes with QR scanner, hence, customers can literally transact any merchant using this. And the best part is – business accounts can get a record of the transactions in the chat section of each customer - no need to look further in statements. Other apps or bank statements show all the transactions altogether, so tracking becomes slightly problematic.

End Words...

No matter whether you are using a business account or ordinary account, WhatsApp Pay has a set of benefits. If you are using WhatsApp just as a messenger till now, then you should explore its other functionalities. UPI and WhatsApp both have contributions in easing daily lives – UPI eases money transfers, and WhatsApp eases communication. WhatsApp Pay is a combination of both UPI and WhatsApp for easier, safer, and faster in-chat money transfers. So, using it is as essential as integrating a payment gateway with the business.