If you’re not a big fan of downloading a digital wallet for transferring money but at the same time, you’re not keen on using netbanking either then WhatsApp pay is your best bet.
What is WhatsApp Pay and how does it work?
Just how you send images on WhatsApp you can now send money to your friends through it. Unlike a digital wallet that requires you to load money and then make a transfer, Whatsapp Pay is a direct bank to bank facility. These payments happen via UPI-Unified Payments Interface which is a payment system that allows instant real-time fund transfer through a mobile app (in this case WhatsApp is the app). Apart from WhatsApp many banks have their own UPI enabled apps as well, likewise, Google too has a UPI enabled app called Tez.
How do you set it up?
- To set up WhatsApp Pay make sure you have the latest version of WhatsApp on your phone.
- On selecting the bank all accounts linked to your (Whatsapp) number will be shown. Pick an account from here and then verify the debit/credit card linked to the account.
- Lastly, you’ll have to key in an OTP sent to your number and choose a UPI PIN, which you will use each time you transact just like you use an ATM pin.
To send money to someone click on the attachment button (through which you send songs, images & files), you’ll see a payments icon click on that. Then you’ll need to enter the amount, put in your UPI PIN and accept to send the payment to the receiver. Via an SMS from your bank you’ll be notified of the transaction details Remember the receiver should also have the Whatsapp Payments feature otherwise the payment won’t go through and you’ll be alerted. You can use this in group chats as well and send money to a particular member there.
And to receive money, WhatsApp will send a message to you, after accepting this you can check your bank details for a confirmation.
Is it safe?
One advantage WhatsApp Pay has over Digital Wallets is that it doesn’t need to be linked with Aadhar so at least that information is safe. Secondly, WhatsApp on its own doesn’t process any financial transactions. It’s in partnership with ICICI Bank. Also, WhatsApp clearly states that it does NOT RETAIN” debit card details or the UPI PIN. So your bank details are safe but as for your payments, data not so much. Read on why….
Payments data is all your personal data such as where you’re shopping what you’re buying how much of it you’re buying, who you’re buying from etc.
P.S.- Also, beware of scamsters out there that will trick you by saying send Rs. XXX amount for blessings or for a lottery ticket.
Apart from that Whatsapp Pay is great if you don’t want to download a separate app. Simply through WhatsApp, you can send and receive the cash. But the flipside is that this cannot be used to make payments to e-commerce websites such as Amazon or Zomato nor can it be used at a physical store!
If you’ve still got any questions feel free to ask us in the comments below!