WhatsApp Payments is based on UPI, the money will go straight to your bank account. Make sure that you have updated your Whatsapp and are running the latest version of the app – as of filing this report, that’s v2.18.41 on Android and iPhone v2.18.22.
With WhatsApp Payments you can transfer money to Individuals if they have set up their bank accounts. So now you can tell your friends and to family to set up WhatsApp payment and add their bank account.
You cannot transfer money to any business account since this is not a wallet.
Know how to add bank accounts for WhatsApp Payments
Here’s how you can add your bank account to WhatsApp and get started with the payments feature:
- Go to Settings -> Payments inside WhatsApp.
- In the Bank Accounts sub-head, select the Add New Account option.
- Tap Accept and Continue if you agree with the terms.
- Tap the Verify via SMS and follow the prompts to send an SMS to start the linking process.
- On the next screen, select the bank whose account you want to add.
- If you have an account (or multiple accounts) linked with the number that you just sent the SMS from, you will be presented with your account (or accounts) from that bank.
- If everything goes smoothly, you will see the UPI Setup Complete screen.
WhatsApp now also offers a Notify button for informing users that have not created a payment account when someone tries to send them a payment. Once they have set up, the sender receives a notification as well.
So, this is a good news for all the WhatsApp lovers, keep texting.