TNI Bureau: WhatsApp has been testing this feature for almost more than 2 years now. Now, it has finally got a nod from the National Payments Corporation of India (NPCI) to operate its Payment feature in India.
On Nov 6, the company has introduced this new WhatsApp Payments feature through its Social Media Handles. This feature is made available for only 20 Million of its users in India in the first stage as per the instructions by NPCI. According to NPCI, WhatsApp Pay can go live only in a graded manner.
WhatsApp has also started working with 5 very Reputed Indian Banks to make this Payment Feature work. WhatsApp is undoubtedly working very hard for this feature to get successful in India because India is the biggest market WhatsApp has right now.
How to use WhatsApp Pay Feature?
With this New WhatsApp feature, sending payments will now be as easy and convenient as sending a picture or a message. Just by a few clicks on the messenger, you will be able to transfer the payments.
Using WhatsApp Pay will require the users to first verify their accounts through the App.
First, users will have to add the name of their Bank, then verify your registered number on the App with the OTP. Once, the registered mobile number gets verified, set a UPI Pin for your Account.
And, you are ready to make and receive payments using your WhatsApp.
For making payment, you will have to click on the attachment tab inside the Personal Chats, now choose Payment. Add the amount along with the note.
The last step is to enter your UPI pin and you are done.
Effect of WhatsApp Payments in Digital Payments Industry
The entry of WhatsApp in Payments will definitely bring a drastic change in the Digital Payments Industry.
This Industry already has some big players in the market. But considering the huge audience WhatsApp has, it surely can give strong competition to the other players in the market.