WhatsApp Money Transfer: Making Money Transfer a Piece of Cake

Before WhatsApp Pay makes its way to the USA, Facebook has unveiled its own payment system, which will function across its whole app ecosystem, including Facebook, Messenger, Instagram, and WhatsApp Money Transfer feature which will be a part of the original app.

The company has always been at the forefront of making technological innovations and the new WhatsApp Money Transfer feature is surely going to be something to watch out for.

Facebook Pay is currently available for fundraisers, in-game purchases, event tickets, Messenger payments, and purchases from select Pages and companies on Facebook Marketplace. Most major credit and debit cards, as well as PayPal, are accepted through Facebook Pay.

This service, on the other hand, is distinct from WhatsApp Pay, which is being developed particularly for the USA and is expected to be launched soon after the country’s legal requirements are completed.

To enhance digital inclusion in the country, the peer-to-peer lending, WhatsApp Pay-based service would reach millions of users, primarily small and medium companies or the (SMBs).

Mark Zuckerberg, the CEO of Facebook, has stated that the company is getting closer to launching WhatsApp Pay in the US and that he will have good news to share with everyone quite shortly regarding the WhatsApp money transfer feature.

The company released a statement to the media stating that tests are being done in different markets to determine if WhatsApp payment service is viable and to ensure there is demand.

According to a survey by Omidyar Network and the Boston Consulting Group aka the BCG, once WhatsApp Pay is completely implemented, over half of the businesses that have a sizable share of the market, will use the service.

How does Whatsapp Money Transfer work?

Before you try and work with Whatsapp Money Transfer, you will have to ensure that you are on the latest version of iOS or Android. To send and receive money in any country you will also need a local bank account and debit card. The bank network( local or international) is used to complete the transaction

To set up an account, follow the below-mentioned steps:-

• For Android, open the WhatsApp application and click on the three dots. For iPhone users, open the settings menu.
• Click on the payments option and select add payment method and accept to proceed.
• Select your bank from a list and ensure that the account no. attached to the account is also registered on WhatsApp.
• Once the verification is done you set up the PIN for all your future transactions.

Steps to Initiate WhatsApp money transfer.

Open your contact menu on your smartphone or device. Select the contact/multiple contacts, you wish to send money to. Selection chat option and use your preferred method for transfer. If the contact you selected is currently not on the WhatsApp payment system then you can also use other third-party software to complete the transaction.

Using the QR Code Method

Another way to make WhatsApp work is to use the QR Code method to transfer money. All you need to do is to scan your code, enter the details and complete the transaction.

If you want to receive some money and the sender has WhatsApp payment then they can quickly transfer money to you by selecting your name from their contact list.

Even if the sender is not on the WhatsApp payment network, then they can still send money to you. All you need to do is share your WhatsApp payment id with the sender and they can then use the id with any third-party app that they might be used to transfer money to you.

WhatsApp Payment Launch in the USA

According to reports, the payments system could use the feature of its new acquisition the Novi wallet. Currently, the service in the US all people to transact by using stable cryptocurrencies like the Pax Dollar whose value is often said to follow the trajectory of the US dollar. For its US expansion, the Meta (formerly Facebook) will be a competitor to the Cash App and applications like Venmo.

This move could determine if Facebook WhatsApp payment will be able to get a share of the already overly served US Market.

As per reports, a Photo Id will be used to verify the identity of the users and the verification could be done straight from the app. There might also be an option of using apps like Novi straight war from WhatsApp application without the need to log into another app.

Facebook is going to gauge the reaction of a developed market like the US before making a call of releasing it to other markets like the US and Brazil where there are more people to make use of the service.