WhatsApp is growing at a tremendous pace in both its number of users and the new features it has been incorporating to cater to the myriad requirements of the customers.
WhatsApp is not involved in receiving, transferring or storing of any funds in connection with the payments done through its interface as it is not a licensed financial institution. Your relationship with your bank regarding your bank account will be totally separate, while WhatsApp has no affiliation to your bank in this respect. For payments on WhatsApp both the sender and the receiver needs to activate UPI on their phones.
Many of the banks in India have started using WhatsApp on a pilot basis to ease the process of payment. India has become the first country to support an in-app payment on the popular messaging platform.
Unlike other digital payment models WhatsApp acts as an unobtrusive mode of payment which is enabled merely by linking the app to the country’s Unified Payment Interface (UPI), without having to share confidential details.
The linking of the payment feature works out in a user-friendly manner and all you need is a bank account linked to your mobile number. With UPI, WhatsApp now enables the transfer of money between different bank accounts and enables the transfer of money between different bank accounts. Uber was one of the first global brands to have vouched for the UPI mode of payment.
WhatsApp ensures a safe and uncomplicated transactional experience with its layers of encryption and authentication. The multiple application of WhatsApp banking includes giving balance checks, enabling transfers, payments as well as access to digital products and services that can be purchased instantly.
With customers looking forward towards easier modes of payments the respective banks must enable customers to carry out banking services through channels of their desire and ease. WhatsApp is likely to take over Paytm in the future with its 200 milion active user base in the country. It can be said that, WhatsApp could actually be the trump card that unlocks the true reach of the digital payment system in India which is looking forward to digitize its finance segment.
Banks are also working towards enabling customer reply in addition to mere alerts. For this, the banks will have to integrate with WhatsApp and appear as a verified account.
Banks that have enabled the WhatsApp payment services also provide information on service requests such as updating PAN, mobile number, email ID, Aadhaar number, activating/ deactivating passbook, cancelling mandates for standing payments and changing their home branch.
With one of the largest active user base, WhatsApp will in the future become the major payment gateway which would ensure hassle-free and secure transactions.
NOTE: Contacting people that have not given you consent to do so, is against the terms and conditions of this platform; even though, it is technically allowed. It is mandatory to obtain active opt-in consent from your users before sending them any form of messaging. We strongly advise against sending users unsolicited messages and spam. Doing so violates our terms and conditions.