Facebook-owned WhatsApp has recently announced that it has started testing out its UPI-based payments feature in India. And very soon, it will be rolled out to more than 200 million Indian users, reports IANS.
WhatsApp payments feature, which is based on UPI, will allow users send and receive money directly via WhatsApp messenger. WhatsApp payments feature will be available for both Android and iOS versions of the app, as per the report. Currently, this feature is in beta stage and has not been publicly announced as it is not widely available at this moment, claims report.
The WhatsApp payment feature based on UPI is expected to give a tough competition to digital payment services like Paytm and Google Tez.
The payments feature would take advantage of UPI and include support by a number of banks, including the State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.
5 things to know about WhatsApp payments feature based on UPI:
1. Users will have to configure the WhatsApp’s payments feature based on UPI. So users will have to first verify their phone number via SMS and then choose a bank.
2. Upon the completion of the configuration, users are allowed to send a payment to their WhatsApp contacts.
3. The payments feature was spotted by beta testers that appeared in their WhatsApp Settings menu.
4. According to WhatsApp privacy policy, users will have to agree to the Payments Terms when they decide to use the feature.
5. The terms and conditions set down by WhatsApp clarifies that the application is not a licensed financial institution, do not receive, transfer, or store any funds in connection with Payments, and are not responsible for UPI service interruptions or acts or omissions of PSPs or your bank including the payment, settlement, and clearance of funds. “You have a separate relationship with your bank regarding your bank account, and WhatsApp has no affiliation with your bank in this respect,” it added.