Is WhatsApp Coming With Its Own Payment Mechanism?
WhatsApp ranks amongst the most used messengers, which is partnered with the Facebook Company. Last year Facebook introduced its own payment platform Facebook Pay which, according to the company, could be used in other Facebook’s partnered apps as well. However, recently WhatsApp has introduced its own payment system as well.
The in-chat payment feature, WhatsApp Pay, allows users to make transactions through WhatsApp to their contact list. This is a UPI (Unified Payments Interface) based payments service that allows users to both send and receive money.
How to enable WhatsApp Pay?
In order to use WhatsApp Pay, the user has to initiate a payment to its contact. Once your connection receives your request, the user can then set up his or her UPI account on WhatsApp.
How to use WhatsApp Pay?
The payment procedure in WhatsApp Pay is easy. Users will be able to send money through their chat directly by tapping on the icon “share file” then selecting the “payment” option.
The “payment” section is also available in the shortcut menu, so the ones interested in checking their transaction history and account details can look into that section. The system works on the UPI method, where you can initiate your transactions without getting into the hassle of providing bank account numbers and IFSC codes of recipients.
Modes of transaction
It also allows users to send money only within their contact list. However, in order to send money to people who are not in your contact list, one can use QR code settings.
For now, only users in Brazil will be able to experience this feature of WhatsApp. According to the company, “We are beginning to roll out the payments on WhatsApp for people across Brazil. We are also looking forward to bringing it to everyone in the near future.”
Summing it up
Introducing new payment systems are just initial steps taken by companies to make the future of the payment processing system big and bright. To get the best payment processing solution for your company, contact Empire PayTech now.