The Inception and the future of WhatsApp digital payments
WhatsApp is shortly launching its payment platform in the Indian market, following a two-year-long successful beta testing, and we have all the reasons to be excited.
WhatsApp reportedly has a user-base of around 40 Crore users in India, and with WhatsApp pay, it would immediately become the market ‘s biggest UPI service provider.
What’s interesting is that the news on WhatsApp digital payment service came within three weeks after the famous Reliance-Facebook deal materialized. One part of the agreement confirms that the Reliance owned Jio Mart will be integrating WhatsApp, and both of them will be working together on providing technology support to local Kirana stores.
WhatsApp pay is all set to play a huge role in the burgeoning UPI payment App market of India, here are some of the differentiating factors that may easily put WhatsApp Digital payment service on top:
Unlike other UPI payment apps, WhatsApp’s digital payment configuration takes only small three simple steps: validating the user’s mobile number, picking a bank, and the relevant account number. Processes such as system binding, VPA development, and handle linking with the bank account are all performed in the backend without bothering the user.
Transacting via WhatsApp digital payments in India is going to be as simple as sharing a pic or sending a text through the App.
Unlike other UPI Payment Apps, there is no need to enter the recipient’s Virtual Payment Address (VPA); the sender may simply open the recipient’s chat window in WhatsApp, tap the Payment button, enter the amount and authenticate the transaction with a 4-digit UPI PIN, thus enabling the instant credit to the account of the beneficiary.
Consistent user experience
Wondering how to get WhatsApp payment?
WhatsApp Pay functionality will be easily implemented with minimal modifications to the existing user interface inside the App. Users can also access their recent transactions and their associated bank accounts with a couple of clicks. In the beta version, the Help section had detailed FAQs and extra help to explain a problem, attach screenshots, and, if possible, send an email to the support team with detailed logs embedded in the post.
Exploring possible use-cases
WhatsApp for Business API is already popular and being used widely by small traders, SMEs to corporate giants, all across India. With verified business profiles, online marketplaces are already leveraging WhatsApp Business API to resolve client queries, submit e-tickets, provide updates, and promote their products.
WhatsApp has not only become a whole new advertising and marketing platform for small businesses but with the integration of WhatsApp Pay through UPI, consumers will now be using the platform for making instant transactions too.
It can also be used in the future to pay bills, purchasing financial products, mobile recharges, ticket booking, and so much more. Furthermore, with the integration of Bharat QR— where users will be able to read and generate QR codes on WhatsApp, numerous use cases such as offline transactions at stores can be allowed.
WhatsApp Pay will also be able to offer post-purchase insights, reviews, and plenty of such value-added services to retailers.
ValueFirst brings you a single step integration of WhatsApp right into the core of your business for customer support, notifications, and two-way communications. For more information and assistance, reach out to us.