WhatsApp Pay: 7 key things you need to know
WhatsApp Pay: 7 key things you need to know
BusinessToday.In
- Nov 7, 2020,
- Updated Nov 7, 2020 11:03 AM IST
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WhatsApp has finally received green signal for its payment services in India. The Facebook-owned messaging platform has been testing its payment services since 2018.The announcement came a day after NPCI (National Payments Corporation of India) gave nod to WhatsApp to roll out a UPI-based payment system.Here are key things you must know about the new WhatsApp payment services.Story: Anshika Awasthi
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Staggered rolloutWhatsApp pay getting a nod from NPCI doesn't necessarily mean you get to use it right away. You may have to wait for some time before actually being able to access it as it will be rolled out in a graded manner. Initially, 20 million users out of the 400 million users in India will be able to access the payment feature.
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Transaction limit on WhatsApp payJust like other UPI services, WhatsApp Pay is also free to use; which means you won't be charged a transaction fee.However, there is Rs 1,00,000 limit for transactions.One more important thing to keep in mind is that WhatsApp has yet not enabled fund transfer through a bank account number or with the help of an IFSC code.
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No international numbers, only Indian numberIn order to use WhatsApp Pay, you must use Indian number only. You will have to link an Indian number to an Indian bank account. That means, people with international numbers won't be able to access the payment system.
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Need a UPI passcodeIn order to make payment via WhatsApp pay, you'll need a UPI passcode. However, in case you already have an existing UPI app, you can use that too.
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You need UPI IDWhatsApp Pay will help transfer funds to people who have access to UPI ID. So even if you want to transfer money through other apps such as Google Pay, Phone Pay and BHIM, you will have to enter the UPI ID for transaction via WhatsApp Pay.
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No need to maintain balanceYou don't have to keep funds in your wallet to use the service. The money that you want to transfer through WhatsApp's payment service can stay put in your bank account.The procedure of transaction will be same as you do on Google Pay, BHIM, PhonePe and other banking apps.
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Banks linked to the serviceWhatsApp has partnered with five Indian banks -- ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank -- to provide its users with payment services. Also, WhatsApp has said that in order to send and receive money, it's necessary to have bank account and debit card in the country.