WhatsApp Payment, a payment feature by Facebook-owned WhatsApp, is now available for up to 20 million users in India. … WhatsApp Payment has been designed on the National Payments Corporation of India’s (NPCI) Unified Payment Interface (UPI) system.
Facebook Inc. is changing market payment system with its WhatsApp payment services to the whole of India and winning people’s view in an attempt to win major market share, even though others payment method available in the market.
The messaging app partnered with HDFC Bank Ltd., ICICI Bank Ltd. and Axis Bank Ltd. to process the transfers, and State Bank of India. Facebook was aiming for a full rollout with four partners but decided to go ahead with just three as its rivals were racing ahead, now almost parterned with all major Inaian Banks.
The entry of WhatsApp into India’s payments space has been likened to WeChat, which reshaped payments in China when it expanded beyond messaging. The pilot version of WhatsApp Pay — started with 1 million users in February — received rave reviews, threatening the market share of incumbents Google Tez and Alibaba-backed Paytm, which lack the benefits of a social network.
According to a blog post by WhatsApp, “WhatsApp designed our payments feature in partnership with NPCI using the Unified Payment Interface (UPI), in India-first, real-time payment system that enables transactions with over 160 supported banks.
How to use whataps payment system
After registration you can easily transfer money…
1) Open any chat on WhatsApp and select the ‘attachment’ icon.
2) Click on ‘Payment’ and add the money you want to send to the person. A user can also add a note.
3) To finish the payment process on WhatsApp, you will have to enter your UPI PIN
How safe is WhatsApp Pay?
Ans: According to WhatsApp, the payment data is used to protect people from fraud and abuse, offer customer support, and enable transactions. The service provider for WhatsApp Pay is Facebook, and their payment structure is secure and safe.