Slowly as its initial voice calling rollout back in the days, Facebook-owned instant messaging app, WhatsApp has finally launched the much-awaited payments service in India. Giving a major push to India government’s digital initiative and cashless economy, the instant messaging app will use the homegrown payment service Unified Payments Interface (UPI) built by NPCI (National Payments Corporation of India).
WhatsApp Payments, just like any other UPI-based apps like BHIM, Google Tez or PhonePe allows you to send or receive money instantly via UPI. You just need to select a contact, tap on the attach button to select “payment option” (Rupee symbol), enter the amount you want to send and there you go. On the receiving end, the money will be instantly credited to the user’s bank account, thanks to UPI. WhatsApp Payments are processed by ICICI Bank.
What makes WhatsApp Payments unique is the simplicity in the initial setup of UPI in your account and sending money to your friends or family. Once you see the “Payments” option under your WhatsApp setting, you can get started with setting up WhatsApp Payments.
One of the biggest advantage here with WhatsApp Payments is that you won’t need to remember your UPI’s VPA. Actually, WhatsApp cleverly hides your VPA deep under its settings. For sending money you just need to select a contact, start a new conversation or choose an existing conversation, tap on the attach button, choose the “Payment” icon and enter an amount with an optional message and send it through.
As the company is rolling out the feature slowly, you may not see the WhatsApp Payments option under your account. However, its way easy to get invited to WhatsApp Payments from your friends who already have WhatsApp Payments enabled under their account.
The quickest option to have WhatsApp Payments enabled in your account is to get an invite from someone who already has WhatsApp Payments enabled under their account. Make sure you have the latest version of WhatsApp app installed on your Android or iOS device.
With the good things, there are also some ‘must have’ features missing from WhatsApp Payments. First thing is that you can’t send payments to a non-WhatsApp user or other UPI accounts, like to a Google Tez UPI or Paytm UPI. However, you can receive payments from any BHIM UPI apps by sharing your hidden WhatsApp Payments VPA (find it under your Payments setting by tapping your linked bank account).
Also, most of other UPI apps allow you to add recipient bank account details (Bank account number and IFSC code) if in case they don’t have a UPI. WhatsApp Payments doesn’t have that option too. Maybe, they will enable this features in the near future.