WHATSAPP UNVIELS IN – CHAT PAYMENT SYSTEM TO EASE E-COMMERCE ACTIVITIES
Just as Mark Zuckerberg is happy at this, I’m too! the amount of active users of Whatsapp is growing by the day and therefore the organization which is owned by Facebook is predicted to launch an array of latest features this year and a few of those features have already been introduced within the beta versions of iOS and Android. Mark Zuckerberg said commerce and payments are areas which will be important for personal social platforms like WhatsApp and Messenger, also as social networking sites like Facebook and Instagram.
Beyond WhatsApp Payments, Zuckerberg said the corporate is functioning on several other efforts to assist facilitate more commerce from Facebook Marketplace to Instagram Shopping. “We’re taking variety of various strategies here, starting from people buying and selling to every other on to businesses fixing online stores, to people engaging with businesses directly through messaging and variety of things on payments – using existing national systems like India’s UPI to making new global systems,” he said.
WhatsApp’s payment feature, called WhatsApp Pay, is meant to run on the Unified Payments Interface (UPI) — developed by the National Payments Corporation of India — which allows users to pay others or do business transactions through their bank accounts. Its license has not been approved in India yet because it has got to complete localizing all the info within the country’s borders as WhatsApp has about 400 million users in India. The payment feature is currently running in airplane mode but if the corporate gets a payment license for a full-fledged rollout, other players within the market, including Google Pay, PhonePe and Paytm will face stiff competition.
The WhatsApp In-Chat Payment feature will allow users to form payments to anyone on their WhatsApp contact list. The new option will enable WhatsApp users to both send and receive money. The social media messaging application has engaged with a number of the most important banks within the country to form this service available to consumers. The UPI interface allows customers to form instant fund transfers through a virtual address, also referred to as , Virtual Payment Address (VPA). The fund transfer process is fast, easy and may be done on an all – around the clock basis on all three hundred and sixty five days during a year.
STEP BY STEP PROCEDURE OF THE WHATSAPP PAYMENT FEATURE [FOR ANDRIOD USERS]
Step 1: attend the chat window of the person to whom you would like to form a payment and click on on the attachment icon
Step 2: Proceed to click on the ‘Payment’ option within the chat window and accept terms and conditions
Step 3: Enter the quantity you would like to transfer, UPI PIN and send the cash . For those with iOS phones, click on the plus symbol within the chat window and follow the procedure from step 2.
Benefits of WhatsApp In-Chat Payment
- Make payment to anyone on WhatsApp contact list from anywhere and at anytime
- User-friendly ‘pay’ feature that creates transferring funds as simple as sending a photograph or a message
- The beneficiary will receive a payment notification on their chat window once the fund transfer has been made
- there’s no got to ask the payee for account details like account number or IFSC Code as all you would like may be a virtual address to form payment.
HOW TO FOUND OUT THE WHATSAPP UPI ACCOUNT
- Open the WhatsApp software and attend ‘Settings’.
- Select ‘Payments’.
- Tap on Add new account.
- Choose the bank from the choices that are provided.
- Next, your mobile number must be verified to line up a UPI account. By using the UPI PIN, you’ll verify the checking account .
WhatsApp forayed within the digital payment market in India to compete against popular players like Google Tez, Paytm and MobiKwik. However, WhatsApp payments feature remains in beta and isn’t unrolled officially for all users. consistent with WhatsApp, the payment data is employed to guard people from fraud and abuse also because the offer of customer support and since the service provider for WhatsApp Pay is Facebook, their payment structure is secure and safe. Since the payment feature is UPI-based, the WhatsApp number must be an equivalent number that’s linked to the checking account and therefore the checking account must have UPI option support also . so as to enable the service, you want to use the Payment Option which will be found in WhatsApp settings. Also, fund are often transferred 20 times during a day to one VPA or to multiple VPAs.