TOP 10 Negatives & Positives of WhatsApp Pay (Compare with GooglePay, PAYTM, PhonePe, Amazon Pay)
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.
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.
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.
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.
Once you have WhatsApp Pay set up for UPI with your bank account, you can simply make payments to a contact from within the chat window. On Android, it will be the attachment icon while on iPhone, you will see a “+” icon near the chat text box. Tap that, and you will see a payment option. Enter the amount on the screen, add any comment if you want and make the payment. There will also be a payment card added to the chat window.
Pretty much the same method, by selecting the payment option in the chat window. On the screen that shows up where you will fill the amount, look for the tabs on the top of the window and select Request. By default, this screen is on the Send tab. Enter the amount there to send a request notification. A user who owes you money can simply tap that notification to make the payment from their WhatsApp Pay.
Do I need to get KYC done, just like my Paytm wallet?
No. In case of WhatsApp Pay, you do not need to get KYC done. KYC, or Know Your Customer, is a verification process to confirm the identity of the owner of a bank account or a mobile wallet used to make payments or keep money. Since WhatsApp Pay is linked to your bank account which will already be KYC compliant, there is no need for additional KYC when you set up WhatsApp Pay.
