Since last year April, WhatsApp has been testing and developing a new feature to be added to the messaging app. WhatsApp has now started rolling out digital payment option within the application for some users on Android and iOS.
WhatsApp is rolling out this feature to attract people to use the application for the maximum time and will have an upper hand on other digital transaction applications. Other digital transaction applications, Paytm have 180 million users in while Google Tez gathered 12 million users in first four months after its launch.
The WhatsApp payment option is not visible for every user and is being introduced gradually. It is available in chats attachment menu along with gallery, location, contact, etc. Selecting payment takes the user to a disclaimer followed by a list of banks from where the users can select their respective bank. The users have to link their respective bank account with the WhatsApp application. Remember: the contact number of both the application and the account number must be same to allow the transaction.
The Money will be sent through bank accounts linked to Unified Payment Interface (UPI), allowing transaction between two different bank accounts. An additional advantage is that WhatsApp users can now have a transaction between different digital wallets. This feature is not available on other digital payment applications yet.
WhatsApp has also recently released a dedicated app for small and medium-size businesses, WhatsApp business app. Now SMBs can easily sell their products and receive payments on WhatsApp itself.
This release will give a serious threat to other digital payment applications as people would prefer WhatsApp payment as it gives the option for transaction between different digital wallets. On the other hand this release is good news for SMB as they can now conduct their business dealing through WhatsApp business app and receive money through the same application.
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