Is WhatsApp Payments really coming this time?

Last month, WhatsApp Pay launched a beta version in India for select Android smartphones and iPhones. The new WhatsApp payment and chat features are perfectly integrated and very easy to use once configured. Since it is based on UPI (Unified Payments Interface), there is no need for mobile wallets and other similar financial instruments, and the funds will go directly into the recipient's bank account.

What is UPI

WhatsApp payment is based on the "Unified Payment Interface" UPI. Here it is necessary for the author to briefly introduce UPI. UPI is operated by the National Payments Corporation of India. India) aims to provide a unified, seamless, real-time payment system. This system is based on India's existing IMPS (real-time payment service, used for bank transfers, which can be completed in real time; ordinary transfers take 1 to multiple working days to complete). The difference is that virtual addresses, such as Vikas@AxisBank, are used to replace complex bank account information. The unified payment interface allows third-party payment to connect to all banks by connecting to one interface. There is no need to negotiate agreements and cooperation with each bank, saving a lot of trouble and eliminating industry barriers. The perfect thing about the "Unified Payment Interface" is that the system is bound to India's real-name authentication system Aadhaar. The Aadhaar project collects the names, addresses, mobile phone numbers and perhaps more important fingerprint, photo and iris scan information of more than 1 billion people. Currently, more than 80% of Indians have registered it.

How to pay using WhatsApp

The WhatsApp payment function has been launched for some Indian users. The test of this function is carried out quietly and the official has not officially announced it. So how to use it? First, the following four conditions need to be met: 1. First make sure that your WhatsApp software version is greater than v2.18.41 for Android and greater than v2.18.22 for iPhone. The latest version is not required; 2. If you can see the Payments submenu on the new version, as shown in the picture below, congratulations, it means that you can use WhatsApp to pay. If not, don’t be discouraged. You can ask your Indian friend with the Payments submenu to invite you. Once he sends the invitation, you can also use WhatsApp to pay. 3. Your WhatsApp account is registered using an Indian mobile phone card. Otherwise, it will be useless if someone else sends an invitation. 4. Of course, the most important thing is that you have an Indian bank card. The implicit condition is that you are an Indian citizen and at least have an Indian pan card, otherwise there will be no UPI information. With the cooperation of Indian friends, the author can tell you the complete process of WhatsApp payment in detail. The picture accompanying the historical article has expired

How to activate WhatsApp payment

The steps to activate WhatsApp payments are as follows: 1. In the Payments submenu under Settings of WhatsApp, if the WhatsApp account you use (actually a mobile phone number) is consistent with the mobile phone number left in a certain bank, you can bind the bank card and then associate it with UPI; The picture accompanying the historical article has expired 2. Select your bank account (as mentioned before, the mobile phone number left in this bank account needs to be the same as the mobile phone number you registered for your WhatsApp account); The picture accompanying the historical article has expired The picture accompanying the historical article has expired 3. WhatsApp automatically generates a text message for you to verify; In fact, my Indian colleague did not provide this text message. According to my understanding, there should be a record of sending it, but unfortunately I couldn't find it. 4. Once successful verification is completed, you can set a UPI password, which will be used when transferring money in the future; The picture accompanying the historical article has expired

How to use WhatsApp to pay and transfer money

You must remember that the receiving party must also add a bank account in WhatsApp before they can transfer money to each other. Similarly, you can also transfer money to individuals in WhatsApp groups, but you cannot transfer money to business accounts, because this is still person-to-person, and person-to-commercial transfers are not yet supported. Here are the steps on how to initiate a payment: 1. Open the WhatsApp conversation window and find the person you want to pay; 2. On Android, click the Attach icon; on iPhone, click the + (Plus) icon; The picture accompanying the historical article has expired 3. Click the Payment submenu, select the contact account you want to send, and how much money you want to transfer. Just enter the number directly. Of course, you can add a note to this message; The picture accompanying the historical article has expired 4. Enter the UPI password and the message will be sent. The picture accompanying the historical article has expired 5. Once sent, the transfer record (money amount) becomes a message and is displayed in the chat history. The picture accompanying the historical article has expired

The importance of WhatsApp payments

The importance of payment to WhatsApp is self-evident. Just compare the importance of WeChat payment in the WeChat ecosystem and you will know that once WhatsApp payment is officially launched, users can complete closed-loop transactions directly in the WhatsApp ecosystem, so many payment scenarios have arisen. We often regard payment as the last 0.01 seconds of the mobile Internet, but these 0.01 seconds are too important to complete commercial realization. It is conceivable that domestic social e-commerce methods such as Yunji Weidian and Pinduoduo can be copied and implemented in India first.