Like many other payment applications, Whatsapp is all set to offer digital payment services to its users in India. According to reports in leading daily, Whatsapp is going to make payments live with three of its partner companies changing ther earlier plan of going live with four. The partner organisations being HDFC Bank Ltd., ICICI Bank Ltd. and Axis Bank Ltd. to process the transfers, while the fourth, SBI or State bank of India will join the process once the requisite systems fall into place, as per the people familiar with the project.

However, as per reports, only ICICI has been listed as the official partner in the beta version of Whatsapp payment for now. While the application could be developed with UPI, the main transactions for payments are done by the banks, which is what explains the reason for tying up with the banks as partner organisation. The Whatsapp payment allows users to send money to their contacts on the app directly from their bank accounts. The Whatsapp payments is based on the Unified Payments Interface,UPI, which allows instant direct bank to bank transfers. During February this year, the beta application was launched and opened to a limited 1 million users, as stated by the NPCI, National Payments Corporation of India, which regulates the UPI and is the sole authority for all retail payments in the country.

Having more than 200 million users and being one of the most popular instant messaging application in the country, Whatsapp payment is a big focus in a market like India. It has also been learned that the Whatsapp Business app is available in India and users can download the same online. Apart from making payments to any UPI account, Whatsapp also has the extra advantage feature of making payments via QR code, which was earlier missing when it was first launched.

This is how Whatsapp payment works:

  1. Go to the Payments in WhatsApp Settings and add a bank account
  2. Tap on add new Bank account.
  3. WhatsApp will then ask you to accept its terms and conditions.
  4. After accepting, you will be verify your number.
  5. Make sure your whatsapp mobile number is linked with the bank account
  6. After verification choose the bank which you wish to add to UPI on WhatApp.
  7. Now enter the last six digits of your debit card along with the expiry details to create a Virtual Payee Address (VPA)
  8. Now, you can send and receive money from the people whose number is added on your Whatsapp and who has a VPA address for Whatsapp payment.

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Trishna Das