In this current scenario, everyone is facing the corona pandemic and most of the people are connected to the digital platform. It has been also seen that maintaining social distancing also seems to be the most important task. This pandemic affects the people, industries, and businesses including Android & iOS mobile app development company.
There are several developments taken place in the industries to increase growth. This also transformed the methodology of payment like everyone using the contactless payment methods. Providers of digital payment like Google pay, Phone pay, and many more are in demand.
Introduction to the process of P2P payment
At this time, the process of online payment & apps of payment gateways is in demand. It has been seen that social applications also booming in present scenarios like Hike, Whatsapp, Truecaller, and many more that can be launched as models of P2P transactions or related platforms.
Whatsapp will also launch the peer to peer service for a wallet in this global market. It seems to be beneficial in order to share the payment of money from one place to another with this new tech process of money-sharing. The mobile wallet of WhatsApp seems to embark in the future and will prove the great transformation for the enterprises & also enhance the implementation rate.
The payment via WhatsApp is mainly relied on by NCPI. This is not the same as Paytm which includes a specific wallet for users in order to collect the money and also not similar to Google pay which allows users to make different payments of purchasing gold and paying different bills. This new app for payment gateways is committed to P2P payments only.
In a year, India seems to be the most common messenger app which declared an app and can be used by 200 million users. Hence, it can be considered as an integrated payment system for the users. Whatsapp also decided to go towards the UPI for the payment system and having private wallets. UPI is defined as a protocol that can be used for payment of inter-banking. It permits instant payment from one account to another account with authenticated credentials.
Read more: what is NFC Tag?
Set up of WhatsApp payments
As it has been known that sending money to people using appropriate gateway apps seems to be very common and reliable. Users can also send amount using the appropriate code or UPI Id of a person. Some most common steps can be defined as below:
- On a mobile device, open Whatsapp
- Now, users have to click on three dots that can be allocated on the top right corner.
- Now, click on the option of payment.
- Then, there is an option to add a payment method, the user has to click on that option.
- Now, click on the bank in which you have your account and then linked it with the phone number.
- Then the app will directly ask you to send a verification code on the mobile, for that you have to select “Verify via SMS”.
- After the verification process, your account will show on the screen and will directly link with your number.
- Then click on done, and then set up the accounting procedure to complete your procedure.
Methods for transferring the money using WhatsApp payments
For money transfer, mainly two methods that can be used as a payment gateway, both of them can be defined as:
Method 1:
- Go to the particular chat of a person to whom you want to make the money transfer.
- Select the appropriate option for the attachment and click on the appropriate option of payment.
- If the next person also has a set up of Whatsapp payment, then you both can be able to see a screen where you have to transfer or request money.
- Enter the note and appropriate amount and then click on yes.
- It will redirect you to the screen where it will ask you to put the UPI pin.
- After creating or enter a UPI pin, all is done
- If you want to request money, then click on the request and wait for the response of the next person.
Method 2:
- Go to the particular chat of a person to whom you want to make the money transfer.
- Select the appropriate option for the attachment and click on the appropriate option of payment.
- Then you have to select on QR code which can be displayed next to the user name through which you can send the money to the person.
- Now, a user has to click on the option of “new payment” which can be situated on the bottom side of the display screen.
- Click on a particular option to scan a QR code and then send it to a UPI ID.
- Then, all the steps are just similar to the first method.
Most common advantages of the Whatsapp
It is mainly referred to as an app for instant messaging. It permits users to exchange their messages in real-time by using the internet. It is available for common operating systems of mobile. Some of the most common advantages can be defined as:
- POS
The mobile wallet of Whatsapp can perform a function properly and seems to be a medium of modern transactions at several POS. This also allows the users to transfer the money to the outlet, direct counter, and many more. Hence, it offers business transactions in a hassle-free manner & perfect for the requirement of companies.
- Authentic
It seems to be an incredible feature because, in the present scenario, crimes related to cyber hacking are very common, hence there is a requirement for a secure wallet for payment. Whatsapp mobile app also protects the data of user & related information along with having a transaction peer-to-peer process which has capabilities to deal with the cyber source.
- Enhanced ROI
By using the mobile wallet of WhatsApp, users can directly collect the payment. As there are many people who don’t aware of digital payment. Hence, this will give reliability of one-touch click through which the user can make the transaction with perfection. This will also support the ROI development for business transactions for getting the payments without issue.
- Development cost is low
This application is required; if the user wants to start a new business because this provides an appropriate application in order to make a transaction in a peer-to-peer manner. This will also permit us to use an e-wallet in order to make gateway payment done and also to receive the process of money transfer.
Summing up
In the upcoming time, WhatsApp will boom out the P2P service of mobile wallets in the business app if Whatsapp in order to deliver the acceleration to the peripherals of the business. In current times, payment gateways like Paytm & phonepe already giving the influence and standalone with a competitor about WhatsApp P2P wallet service. Mtoag is an iOS or android app development company which helps you in designing the digital wallet app to stand in this competitive world.
