Here’s How To Activate The WhatsApp Payment Feature On Your Phone
The WhatsApp In-Chat Payment feature will allow users to make payments to anyone from their WhatsApp contact list. The new option will enable WhatsApp users to both send and receive money. The social media messaging application has tied up with some of the largest banks in the country to make this service available to consumers. The payment system will work on the Unified Payments Interface (UPI) method, where fund transfers can be initiated without having to provide bank account number and IFSC code.
The UPI interface allows customers to make instant fund transfers through a virtual address, also known as, Virtual Payment Address (VPA). The fund transfer process is fast, easy and can be done on a 24/7 basis on all 365 days in a year.
Popular social media messaging app WhatsApp, which now has a payment system, has joined hands with Axis Bank and HDFC Bank. The other bank that it had earlier partnered with includes ICICI Bank.
Those who want to make payments through the WhatsApp app can use their Unified Payments Interface (UPI) IDs. Those who want to use HDFC Bank UPI must have their mobile numbers registered with the bank and should also have a savings account in the respective bank. Only if these parameters are met can a customer use the WhatsApp UPI facility. The same regulations are applicable when it comes to Axis Bank.
According to reports, the social media platform plans to join hands with a number of well-known banks such as SBI, HDFC, ICICI Bank, Axis Bank and the like, to set up a payment mechanism through the new system.