WhatsApp Pay: What is it, how to enable it, competitors in India, and more

WhatsApp has received approval from the NPCI to offer its payment service to all users in India, removing the earlier cap of 100 million Unified Payments Interface (UPI) users

The National Payments Corporation of India (NPCI) has lifted the cap on the number of Unified Payments Interface (UPI) users that WhatsApp Pay can onboard. This allows WhatsApp Pay to extend its UPI-based digital payment services to its entire user base in India. Previously, the service had a phased rollout with a cap of 100 million users.

 

What is WhatsApp Pay?

 

WhatsApp Pay is an integrated UPI-based payments feature within Meta’s instant messaging platform, enabling users to send and receive money. Introduced in India in February 2018, it received NPCI approval on February 7, 2020, for a phased rollout of its digital payment services.

How to enable WhatsApp Pay

• Tap on the “Payments” option from the drop-down menu in the inbox (accessible from the three-dot button on the top right).
• Alternatively, tap on the “Payment” option on the share file icon in chats.
• Add a bank account:
• Tap on “Get Started” > “Continue” and select your bank.
• Verify the phone number linked to your bank account (ensure the number is enabled through SIM or eSIM on the device).
• Select the bank account to add and tap on “Add” to complete the verification process.

How to use WhatsApp Pay

• Send money directly through chat by tapping the share file icon and selecting ‘Payment.’
• Use the ‘Payment’ shortcut next to the share file icon for quick access.
• If the contact has WhatsApp Pay enabled, the transaction interface will offer options to “Pay” or “Request.”
• For non-WhatsApp Pay users, you can send an invite or make a transaction using the receiver’s UPI ID.
• Check transaction history and account details in the Payments section.

Competition

 

WhatsApp Pay competes with Google Pay (37 per cent market share) and PhonePe (48 per cent market share), alongside banking apps with integrated UPI services. However, WhatsApp Pay benefits from its vast user base of over 500 million in India, providing significant potential for adoption.