WhatApp will officially launch it Payment system later this year beginning from India, which it has been testing since last year and then to other countries. The payment system will be a best alternative to PayPal.
WhatsApp payment system will allow you to send money to friends and family over text. WhatsApp Pay would make sending money as easy as sending a message, and the company is looking to launch it in other international markets.
According to 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 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 payment system is made possible via a UPI which enables users to send and receive 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 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 clicked 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.