When launched, the new WhatsaApp payments feature based on UPI is likely to give a tough competition to digital payment services like Paytm and Google Tez. The payments feature would take advantage of UPI and include support by a number of banks, including the State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank.
5 things to know about WhatsApp payments feature based on UPI:
1. In order to configure the WhatsApp's payments feature based on UPI, users must first verify their phone number via SMS and then choose a bank.
2. After the completion of the configuration, the option to send a payment becomes available for the users.
5. The terms and conditions said 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," it added.