The report that you can now Transfer Money via Whatsapp in india by the media is contrary to what is onboard. According to the official source, the digital payment feature in the platform is still in the testing phase.
Informed sources has said that even though the feature is currently in Beta, it is yet to be publicly announced which means that it is totally wrong for some media houses who assumes that the feature is now available to users in India whereas its only few that were able to successfully update to the Beta version.
However, if there is going to be the feature fully achieved, there will certainly be an official announcement if the feature finally hits the market reports said.
The fact is that the new feature of whatsapp for payments could could go a long way to give a tough competition to Paytm and other digital payment services like Google Tez.
According to the source its said that the payments feature would take advantage of UPI (Unified Payments Interface) and include support by a number of banks, including the State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.
Beta testers found their WhatsApp interface displaying a large list of supported banks and they can see a payments feature to appear in their WhatsApp Settings menu.
In order to configure the feature, users must first verify their phone number via SMS and then choose a bank.
After the completion of the configuration, the option to send a payment becomes available.
Meanwhile, part of the terms and conditions states that WhatsApp is not a licensed financial institution, do not receive, transfer, or store any funds in connection with payments, and are not responsible for UPI service interruptions or acts or omissions of PSPs or your bank including the payment, settlement, and clearance of funds.
“You have a separate relationship with your bank regarding your bank account, and WhatsApp has no affiliation with your bank in this respect,” the source added.