The digital payments space in India is about to get a bit more exciting, with WhatsApp Pay finally rolling out for the WhatsApp is now available for iPhone and WhatsApp for Android users in India. Mind you, you will need to have the latest version of WhatsApp installed on your phone for the WhatsApp Pay option to be available. WhatsApp Pay will use the unified Payments Interface (UPI), a real-time payments system supported by more than 160 banks in India. While WhatsApp Pay had been available to some users for an extended trial period for a while now, this is the official rollout of the payments service. WhatsApp Pay goes into battle against the likes of Google Pay, PhonePe and Paytm.
At this time, WhatsApp Pay is being rolled out for 20 million WhatsApp users in India, with expansion to enable the option for more users happening in a phased manner. This is being limited because NCPI, the National Payments Corporation of India, has implemented a cap that limits a single third-party payments app to handle a maximum of 30 percent of the total UPI transactions on a monthly basis. WhatsApp has more than 400 million users in India.
WHAT IS WHATSAPP PAY?
You must have been using WhatsApp quite extensively to stay in touch with friends, family and colleagues. The same instant messaging app, owned by Facebook, now has the digital payments option as well. It is called WhatsApp Pay. This works with UPI, which means you can link it with your bank account and start making payments.
WILL IT WORK WITH MY BANK ACCOUNT?
At this time, more than 160 banks are part of the UPI payment system in India. Chances are, your bank will very much be a part of this list. A quick glance through the WhatsApp Pay list of bank accounts shows us that the likes of Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, Allahabad Bank, Airtel Payments Bank, Andhra Bank, Punjab National Bank, Paytm Payments Bank, RBL, Punjab and Sind Bank, Union Bank of India, United Bank of India, UCO Bank, Yes Bank and more.
CAN I SET UP WHATSAPP PAY ON MY PHONE?
Yes, you can. Two things you need to ensure though. First, update the WhatsApp on your phone. If you are using an Android phone, download the latest version, if not already, from the Play Store. If you are using an iPhone, head to the App Store to check for the latest version. Secondly, the phone that you are using WhatsApp on has to be working with the same mobile number that is registered with your bank account. For the UPI verification during setup, an auto-detect SMS will be sent to confirm the mobile number.