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The WhatsApp Pay feature is slowly becoming accessible to Android and iOS users in India. As of now, it has been launched in beta mode for select Android smartphones and iPhones.
The WhatsApp Pay feature is only available in India and the transactions will be done via Unified Payments Interface (UPI). UPI is a payment method where the user will have to link their bank account and have a separate UPI PIN to generate the transaction.
For payments, the user will have to feed the PIN number and give either the receiver's UPI ID or phone number, if linked. The UPI to UPI transaction will enable direct transfer of funds to the receiver's bank account.
Also read: UPI-based payments functionality seen in WhatsApp's new beta version
Setting up the Payments feature-
>Go to 'Settings' and then click on 'Payments'
>On the Payments page, add your bank account and fill in your bank details.
>After you have accepted the Terms & Conditions, you'll have to verify your phone number via SMS. You'll also be asked to feed in your phone number linked to your bank account.
>After this, WhatsApp will show banks linked with UPI. If you are a UPI user, then you'll be required to select that bank account and in case you do not use UPI, you will be required to set it up.
>After setting up the UPI, you will need to enter the last six digits of your debit card number and the expiry date to create a Virtual Payee Address (VPA).
Using WhatsApp Pay
>For Android users, tap on the attach button and look for the option 'Payment'. For iOS, tap on the plus sign and look for the Payment option.
>The payment option will be available on individual chat screens. Sending money to specific users on a group chat forum is also possible.
>After tapping on the payments option, you will be required to enter the amount, put in your UPI PIN and accept to send the payment to the receiver.
>The receiver is also required to have the WhatsApp Pay feature for the payment to be successful. If the receiver does not have the feature, it will not work.
Drawbacks
While WhatsApp Pay seems to have made life easier, it is not compatible for making payments to e-commerce marketplaces such as Flipkart, Amazon, etc. The feature is also not exclusively for making payments to shopkeepers or brick and mortar stores until and unless the shopkeeper is in your contacts. For brick and mortar stores, Paytm is seen to be used more than exclusive UPI-based apps, such as Tez.
On the positive side
Although, there are other apps such as Tez and even Paytm for UPI transactions, the probability of one downloading apps specially for making payments or transfers is still on the lower side. But, if the payment option is available on WhatsApp, which has emerged to be a necessity for most, India's digital payments drive is set to rise.
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