WhatsApp has introduced new features that allow users to send money digitally just the way we share photos and files. Being one of the most famous social platforms in the USA, it makes sense to include peer-to-peer payments. Soon, the feature will be rolling out to millions of Whats app users in the country. Here are the simplest ways of using this popular messaging app to send money.
How to include the Whatsapp business key
The Whatsapp business app is available in the US and other countries with bigger economies like India, UK, and Italy. It is absolutely free to use and you can download it from the Google Play Store on your Android device.
Before you register your profile for Whatsapp business, you should know that this is a different entity. It is strictly a business account and has no connection to your personal WhatsApp account. To register, you need a business number or your current personal account number. If you use your personal number to register for business, you will be converting your personal profile into a business profile. All the contacts will be imported to your business account. Without much ado, here is how to set up and register a business profile to enjoy the business app features.
Note that the app can only be used on Android for now.
- Go to the Google Play Store and download it from the available link
- Enter your country and business number. The business number will be verified and you’ll receive a verification code
- Set a business name for your profile. You cannot change this name, so be sure it’s the right one
- Set a logo, email address, and update status
- Go to the profile settings and choose your business location, description, website, category, business hours, etc
- Go to the contact screen and check your business contacts
Apart from the above settings, there are others you can synchronize with 2-step verification. Also, you may change your business number or erase it from the menu. On the chat settings, you can personalize your wallpaper, the key, etc. Set the notification tone on the notification menu. You want to distinguish between messages of the business and personal profile.
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Digital payments feature
The new whatsapp upi payment feature facilitates the transfer of money through the messaging app. For useing Whatsapp Payments, you must Have a number with USA code and have a bank account that supports peer-to-peer inter-bank transfers. Ensure that the phone number you use for this service is the same one linked to the bank account. After complying with all the pre-conditions, go to the Payment tab located at the drop-down list of the Settings. If you haven’t seen the Payments option, don’t worry because there is an easy way out. Find someone with an activated Payments menu and ask them to try and send some money to you. The Payments option will show up on the menu and once you are there, follow these steps:
- Add your bank account and accept the terms and conditions of Whatsapp Payments. Make sure you have read everything
- Verify your phone number using SMS. Then you’ll see a list of bank accounts that are linked to your phone number
- Choose the one you would like to use
- Verify the Master Card that has been linked to the chosen bank account
- A one-time password will be sent to your phone number so you can change the UPI PIN
The good thing about peer-to-peer money transfer is that the rules are interoperable. The only difference in Business Whatsapp is that your VPA (Virtual Payment Address) doesn’t show. VPA is required in peer-to-peer inter-bank transfers. Whatsapp makes it easier to get started with mobile payment operation. The VPA is hidden deep in the application, making it hard for it to be visible or used with other payment platforms. When users click the Payment option on Whatsapp, the Intent API is used to produce a list of apps that may support the payment method but the user won’t need to see their VPA. This is a smart approach for a platform which most Americans believe could be the next big payment option in the country.
Extra features of Whatsapp Business
- Business Messaging Tools: These tools are very useful for small businesses and offices. The business messaging sets out an automatic message whenever you want to interact with a client without wasting too much time. After all, there are more important things to do like organizing your finance. For instance, there is a greeting message for welcoming new customers who make their first inquiries. Then, there is an Away Message whenever your business is closed for a while. Another messaging tool is the Quick replies which also saves you tons of time as you interact with potential clients. You can set as many message templates as you wish in this tool with the real message and shortcuts.
- Whatsapp Business Statistics: This feature allows you to calculate the number of visits you receive daily, the customer inquiries, as well as the interaction rate through WhatsApp. This gives you an idea of how much the app brings customers or how it boosts your
Whatsapp as an ATM
By simply keying in 4 digits, you can withdraw a huge sum of money and so the need for security and awareness becomes preeminent. If WhatsApp payments take off, they might threaten debit and credit cards. In fact, Mastercard and Visa are afraid of the potential competition that lies ahead.
If your business chooses person-to-person payments, this is how the transaction will look like: your clients choose Whatsapp payment and they get the notifications immediately on their apps. After entering the PIN and approving the transfer of money, they go back to your business page to confirm that the transaction has been processed and that the order has been placed. As long as the customer enters their PIN, they are directed automatically to your business page, making the process smoother and quicker than before.
Keep in mind that this method doesn’t work on all mobile operating systems. The procedure is quite cumbersome on iPad and iPhones. This is because Apple doesn’t allow API-like Intent. So, it will be safer to use Android. Whatsapp Payments are about to cause a rapid disruption beyond e-wallets. It can take over the entire card business, according to the experts. The threat is not so immediate but popular card providers must not take Whatsapp business App for granted.