How is money sent and received via WhatsApp?

The ability to send and receive money in WhatsApp is officially made available in India. So how is money sent and received via WhatsApp?

After a two-year wait, WhatsApp has officially launched its payment service in India. The messaging giant is expected to expand this service all over the world in the coming period and to open it for other countries. For the moment it can only use in India and not in Turkey.

So how are digital payments made with WhatsApp currently?

The payment system of WhatsApp, owned by Facebook, is based on the Unified Payment Interface (UPI) standard set by the National Payment Authority of India (NPCI).

These steps need to be followed before making a payment on WhatsApp:

Open WhatsApp and tap the three dots in the upper right corner of the app.
Tap Payments and then Add payment method.
Choose your bank from the list provided.
Tap on “Verify via SMS” to verify the number associated with your bank account. Make sure your WhatsApp number and the number linked to your bank account match.
After the verification process is successful, set up a UPI PIN for payment.

The steps to be followed to send money are as follows:

Open the chat screen for the person you want to send money to.
Click the Add button and then click Payments.
Add the amount you want to send and you can also add notes if you wish.
You will now be asked to enter your UPI PIN code.
After entering the correct code, the confirmation message will appear.

WhatsApp Pay will be open to everyone, but initially it was opened for a limited number of users. The official institution of the country, NPCI, has initially set a 20 million user limit for this feature. It is stated that this is done to prevent monopoly formation.

WhatsApp Pay works with India’s five leading banks, ICICI Bank, HDFC Bank, Axis Bank, State Bank of India and Jio Payments Bank.

Although this is a digital payment, there is no crypto payment here. Facebook will integrate Libra, the stable crypto currency, which is expected to be launched in the near future, into WhatsApp and Messenger. In these two applications, it will thus be possible to pay with crypto money.

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