Know how to send money through WhatsApp

UPI based ‘WhatsApp Payment’ has arrived in India. Although this feature is still undergoing testing, according to news agency IANS, it will soon reach 20 crore WhatsApp users in the country. ‘WhatsApp Payment’ will directly compete with services like ‘Paytm’ and ‘Google Tez’ which are already providing digital payment services. Now through WhatsApp, you can send money to your family and friends and ask for money from them by going to the chatbox. Apart from UPI, WhatsApp Payment supports about 70 banks including SBI, ICICI, HDFC and Axis Bank.

Let’s learn how to transact money through WhatsApp…

1. Upgrade your WhatsApp

If you are using this feature for the first time, then check once whether your WhatsApp is updated or not. The payment feature for Android will be available on WhatsApp version 2.18.46. It will be made available for iOS users in the coming days. After upgrading, go to the settings and choose the payment option. Apart from this, the user can go to the chatbox and tap on ‘attachment’ in any contact and go to payment.

2. Terms and Conditions

As soon as the user goes to the payment option, he will see a message saying ‘Send and receive your money securely with UPI’. To send and receive payment, the user will then have to tap on ‘Accept and Continue’. Here you will have to choose your bank and fill in the account details, giving consent for the terms and conditions. The gist of the things written in these terms and conditions is that WhatsApp has not legally declared itself a financial institution. That is, WhatsApp will not take responsibility for any kind of interruption or problem in the UPI service or stuck funds etc. It is also said that WhatsApp is not associated with your bank in any way.

3. Verification SMS

After selecting the Verify via SMS option, the user has to tap on the green send button. On this, you will again be sent a verification SMS. Keep in mind that this SMS will not be free.

4. Choice of banks

After configuring the number, the user will be given a list of 70 banks from which he will have to select his bank. Keep in mind here that if the UPI option is attached to your bank, then the next step will come through SMS. If the UPI account is not linked, then the user will have to generate a UPI PIN. Keep in mind that the phone number linked to the bank and the user’s WhatsApp number should not be different.

5. Along with payment, you can also track the payment

After upgrading UPI and linking it to the phone number, go directly to the payment option, select the bank account, enter the amount and UPI PIN and click on send. In this way, you will be able to send and receive money through WhatsApp. Through WhatsApp payment history, you will also be able to know whether the money you sent reached the place or not. Along with this, this feature will also update the receiver and sender about the incoming and outgoing money through notifications.