Whatsapp has launched its own payment system, the features were announced last year and has just been launched in India and soon will be available in other countries. The payment system will be the perfect alternative to PayPal.
With WhatsApp payment system you can send money to friends and family over text. WhatsApp Pay would make sending money very easy as sending a message, and the company is looking to launch it in other international markets.
From WhatsApp, “WhatsApp Payments will make it as easy to pay someone on WhatsApp as it is to send a message.”
“Payments services are critical to accelerating financial inclusion and bringing millions of more people into India’s fast-growing digital economy.
“We can’t wait to provide this service to our users across India this year.”
The Whatsapp payment system is made possible with a UPI which allow users to send and receive funds or money easily. With the new service, users can now link their bank account to their WhatsApp account via Unified Payments Interface (UPI) and begin making payments straight to another user’s bank account through a WhatsApp chat.
Users that wish to send money to their friends or family can locate the payment option in WhatsApp by tapping on the attachment button placed next to the camera icon. After that, users will see the payment option along with other options such as gallery, video, and others. Once the user clicks on then a list of banks will appear on the screen and you then have to select the bank to which bank account is being linked. After selecting the account, you will just have to verify it to send the money.
Once launched, WhatsApp will compete against local firms including Banks, Paytm and Phonepe, as well as Google Pay and Amazon Pay.