WhatsApp Payment feature was the most awaited one all across the globe. Finally the wait is over. It is launched on June-18. However, it’s only available in Brazil as of now. WhatsApp Pay is based on UPI. So the users from Brazil can transfer money person to person through WhatsApp Payment feature. As per WhatsApp communication, soon WhatsApp Payment will be available for all users in most of the countries.
Highlights of WhatsApp Payment feature
- Why WhatsApp Payment feature is available in Brazil? As per 2019 data, Brazil was the second biggest country with more than 120 million active WhatsApp users after India. Which has more than 400 active users. Soon, other potential countries like India, US, Russia & Indonesia, which has a substantial amount of active users may be availing WhatsApp payment features.
- It will be free of cost. No additional charges required for money transfer.
- WhatsApp collaborated with Cielo S.A. payment processing company. Which is the leading company in Brazil when it comes to digital payment processing.
- It is secured with 6 digit unique UPI PIN and Fingerprint authentication to initiate the process of payment. In order to send money or receive money bank details must be added. Know how to add bank details in WhatsApp payment
Why is WhatsApp Payment feature crucial?
The idea behind P-2-P money transfer is to transform the economy digitally by promoting digital payments. Digital Payment transfer service is a highly competitive market. Because, many companies out there offer this service. But if this feature is works well, then WhatsApp has competitive advantage here with its huge user base across the Globe.
Facebook who owns WhatsApp planning to integrate this service with Facebook & Facebook messenger. So users can send messages between the apps. Once that is ready, then users will be able to send money between apps as well.
FAQ Whats App Payments
Yes, As per WhatsApp communication there is no transaction limit if you are using WhatsApp Business Application but there is limit for personal usage in Brazil. You can send up to 1000 BRL per transaction. When it comes to receiving the money then 20 transactions per day and maximum 5000 BRL per month.
No, WhatsApp Payment is designed for personal use. You can not use for business transactions like receiving money from customers on sales transactions. If found you account can be blocked by WhatsApp due to violation of Terms & Conditions.
If you are using for personal usage then there are no charges applied but for WhatsApp Business Application then 3.99% charges applicable as flat fee on incoming customer payments from sales transactions.