WhatsApp payment is a digital payment service offered by WhatsApp that allows users to send and receive money directly through messaging app only. Without the need for a separate payment app or service.
Now after hearing this, you might have various security concerns in your mind! But after knowing these factors, there would be no concerns. So, whatsApp payment is designed with several security features to protect users’information and ensure safe transactions.
-Two-Factor Authentication
-End-to-End Encryption
-UPI PIN
-Verified Sender
To use WhatsApp payment, users need to set up their account with their bank account details and authenticate transactions using a UPI PIN.
The following is a detailed explanation of how WhatsApp payments work:
• Setup:
Users must link their bank account to their WhatsApp account in order to use WhatsApp payments. You can do this by choosing “Payments” from the settings menu in WhatsApp. Users will be required to submit their bank account information and use their debit card to prove their identification.
• Sending Money:
To send money to someone, users need to open a chat with the recipient and select the payment option. They can then enter the amount they want to send and verify the transaction using their UPI PIN (Unified Payments Interface Personal Identification Number).
• Receiving Money:
The user will be notified in the chat when money is sent to them via WhatsApp payments. After accepting the payment, they can press the notification to have the funds transferred to the associated bank account.
• Transaction Limits:
Both WhatsApp and the users’ banks set transactional limits. For most banks, the daily transaction cap is INR 1,00,000 as of the knowledge cutoff date.
• Supported Banks:
Currently, WhatsApp payments support more than 160 banks in India, including major banks such as HDFC, ICICI, and State Bank of India.
Overall, WhatsApp payment is considered safe and secure. However, it is always recommended that users take necessary precautions, such as keeping their UPI PIN secure and avoiding sharing it with others.
It simplifies the payment process by eliminating the need for a separate payment app or service.
So that’s all about How WhatsApp payment works?
