Money transferring has gotten a lot easier. WhatsApp which helps you stay connected with your friends, family, and colleagues can also be used for monetary transactions. The wide use of smartphones in India and the internet available at a dirt cheap price has made the usage of applications more all over the country.
The Facebook-owned company has come up with a new feature which is now live and ready to be used in the Indian market. For which they had received the permission from the Indian government last year. WhatsApp is one of the apps that is used widely in India. This can act as a threat to the other companies who are already in the market. WhatsApp has rolled out the new money transfer feature in India. This will allow you to send money to your friends whenever you want, wherever you want.
The Android and IOS both users can avail this service. It will allow an individual to send and receive money to the bank accounts. What it doesn’t do is it does not let you pay directly to the merchants. This is something that has not been introduced. If a person wishes to send it to a merchant, they need to first add the person in their contacts and send the money as they would do to their family and friends. You can send the money to a single person even in a group chat. Doesn’t this make it easier for all the payments that are to be done for the services or products you avail on all the professional group chats?
It has the beta feature and the money can be transferred through UPI (unified payments interface). One can transfer payments, which is supported by the number of banks. The names of the supported banks will be visible and this option will be available for all. This feature is easily available and one can use it by choosing their bank and verifying their mobile number through SMS.
Follow the below easy peasy steps to get going
1. One needs to find the payment option
2. Select their bank
3. Link their account
4. Set the pin For UPI (unified payments interface)
WhatsApp has a high potential for money transfer feature. It has millions of users only in India. It is widely used throughout the country and this has increased the possibility of being a favorable app over the others for money transfers. Only time will tell if WhatsApp will rule the market with its new feature.
Don’t have this feature yet? Try updating your app and you will be able to use it and send money to your loved ones. Even if the other person has not updated this service WhatsApp can still let you send money and inform them that they have received the money.