WhatsApp features payment funds to let you customize money transfers with friends and family

WhatsApp on Tuesday unveiled Payments Backgrounds in India to update the money transfer experience on its platform. The new feature aims to provide a personalized payment experience for WhatsApp users. It allows you to select a relevant background when sending money to your friends or family using WhatsApp Payments. The experience is live for Android and iPhone users across the country. WhatsApp says the core idea through the Payments Background feature is to add an element of expression when users are exchanging money on the platform with their friends and family.

Initially, WhatsApp added a list of seven funds from which you can choose the most relevant when sending money to your loved ones. There are also some theme-based backgrounds, including one that you can specifically choose when sending money to your sister on Rakshabandhan (arriving on Sunday, August 22nd). WhatsApp has also added funds that you can use to send payments on birthdays, holidays and travel.

How to choose a payment fund on WhatsApp

You can select a payment background when making a new payment on WhatsApp by tapping the background icon on the ‘Send payment’ screen. As soon as you tap this icon, the app will show the list of available funds at the bottom, from which you can choose the one that matches your payment theme. You can also add a note next to the bottom to describe the reason for your payment or highlight your expression.

Once this is done, the recipient will be able to see the background along with the amount of payment you made.

“With Payments Backgrounds, our effort is to bring excitement to everyday payments through WhatsApp and allow our users to express themselves if they want, through a range of exciting themes that denote celebration, affection, warmth or fun” , said Manesh Mahatme, Director of WhatsApp Payments, in a prepared statement. “We believe that sending and receiving money is much more than just a transaction. It is often the stories behind the exchanges that are priceless. ”

WhatsApp launched its payments service after months of testing in November last year. It started with five banking partners, although the list later narrowed the partner list to four banks, namely Axis Bank, HDFC Bank, ICICI Bank and State Bank of India (SBI) – as the service quietly removed Jio Payments Bank of the List.

Currently, WhatsApp Payments, based on Unified Payment Interface (UPI), allows transactions with more than 227 banks.

Despite being on the market for a few months, WhatsApp Payments has yet to register any significant growth. Its market share among other UPI-based apps has even dropped from 0.16 percent to 0.014 percent, according to the latest data shared by the National Payments Corporation of India (NPCI). The service enabled 4.7 lakh transactions worth Rs. 45.33 crores in the month of July.

That said, WhatsApp seems to be trying to attract users by adding the Payments Backgrounds feature. A few other features also appear to be in plans to gain some market share over time.

“We are looking forward to creating more features and functionality and continuing to make payments on WhatsApp an interesting and interactive experience,” said Mahatme.


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