WhatsApp Payments goes live in India with four banks: Here’s how to send and receive money via WhatsApp Pay
New Delhi: WhatsApp Pay on Wednesday announced it is now live with State Bank of India, HDFC Bank, ICICI Bank and Axis Bank for its up to 20 million users in India.
NPCI’s statement issued on November 5, 2020 said, “WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of 20 million in UPI.’
Here is a look at how you can set up a WhatsApp Pay account to send and receive money via UPI.
How to set up an account?
Step 1: For Android devices, open WhatsApp and click on the three dots appearing on the top right-hand side of the app. For iOS, click on the ‘Settings’ option on the bottom right-hand corner.
Step 2: Select the ‘Payments’ option. Select ‘Add Payment Method’. You will be asked to accept the WhatsApp Payment policies. Click on ‘Accept and Continue’.
Step 3: You will get the list of banks; select the bank from which you wish to make the payments. Further, if you have two bank accounts with one bank, select the bank account, with which you want to make the payments.
While selecting the bank, ensure that the WhatsApp mobile number is the same one linked to your savings bank account. This is because an SMS will be sent on this number for verification purpose.
Step 4: Once the verification is completed, you will be required to set up a UPI PIN for making future payments.
It is worth mentioning that you have the latest version of WhatsApp on your Android or iOS phone. Also, according to the WhatsApp blog post, “To send money on WhatsApp in India, it’s necessary to have a bank account and active debit card in India. WhatsApp sends instructions to banks, also known as payment service providers, that initiate the transfer of money via UPI between sender and receiver bank accounts.”
How To Send Money Via WhatsApp
After setting up WhatsApp Pay, you can send and receive money by following the steps below. This way, the payments option will be shown directly within the conversation window.
- Go to the conversation window of the contact you wish to send money to.
- Click on the Clip icon that displays various options.
- Go to Payment.
- Enter the amount you like to send and add a remark (optional).
- Enter the UPI PIN.
- A confirmation will appear as soon as the transaction is complete.
That’s it! WhatsApp Pay is as easy as this and you can send and receive money easily with the same.
Are UPI transactions safe?
Instances of fraud via the UPI platform have been on the rise over the last two years and the Reserve Bank of India has cautioned against such frauds from time to time. According to a 2017 set of rules detailing the liability on account of frauds, the RBI had said that a customer shall bear zero liability in cases where there is a third party breach and a customer notifies a bank within three days.
However, a customer may have to bear a part of the liability where the fraud occurs due to his/her negligence, the RBI rules state.
In addition, customers must remember that they should not be sharing their personal bank information or UPI passwords with others or over various platforms.
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