Sending and receiving money is now possible with WhatsApp! According to the Facebook-owned app, some users can transfer money from their accounts and also get money into their accounts via the app’s new feature – WhatsApp Payments. Read on to learn how to set up bank account on WhatsApp Payments and also how to send and receive money on WhatsApp.
WhatsApp Payments Feature | Source: Wikimedia Commons
Payment Method Based on UPI and Working with Banks
The WhatsApp Payments feature is based on Unified Payments Interface (UPI). This is a single window mobile payment system that is associated with National Payments Corporation of India (NPCI). In addition, the feature is peer-to-peer, and therefore, it works only with banks (as it stands). It can’t work with platforms such as merchants or verified business accounts.
How Set Up Bank Account on WhatsApp Payments
First, get the latest WhatsApp update (v2.18.41 on Android and v2.18.22 on iPhone). Then go to Settings> Payments> Bank Accounts > Add New Accounts. The next thing is to accept terms and conditions and then continue to verify via SMS. To verify, you need to send an SMS and also select the bank associated with your number and fill in any other details. Finally, you will be able to see the UPI Setup Complete (if you set up things correctly).
Note: You can follow these steps to add more bank accounts to WhatsApp.
How to Send Money via WhatsApp Payments
The first thing is to ensure that the recipient has set up their bank account on WhatsApp. After confirming their setup, open the chat with them and tap the “Attach” button (Android) or the “Plus” button (iPhone). The next steps are to tap the “Payment” button, enter the amount you wish to send and input your bank account’s UPI PIN (can also see a list of your accounts).
Note: You can add a message when entering the amount, and you will also get a confirmation message after sending money.
In conclusion, WhatsApp will keep all your transactions (the money send and also the money received). To check this, go to Settings> Payments> View History. Another thing is that you can send money to a group member.
Note: WhatsApp Payment is only available in India (as it stands), which means that other countries will start to enjoy the feature as the rollout continues.
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