Install App Install App

You May Soon Have to Verify Your Identity to Use WhatsApp Payments

By Kajoli Anand Puri | Published on 26 Oct 2021
HIGHLIGHTS
  • Whatsapp’s new update may require KYC verification for Whatsapp Pay.

  • There has been no confirmation from the company about the same as of now.

  • WhatsApp may be working on a payments wallet.

You May Soon Have to Verify Your Identity to Use WhatsApp Payments
You May Soon Have to Verify Your Identity to Use WhatsApp Payments

A new string spotted in Whatsapp’s beta release indicates that users will have to verify their identity by submitting documents in order to use Whatsapp’s payment system. This move will certainly enhance the safety of Whatsapp Pay itself, by ensuring that only verified individuals can send and receive payments.

You May Soon Have to Verify Your Identity to Use WhatsApp Payments

Who can use Whatsapp Pay right now?

At this point, anyone with Whatsapp Pay can use the system, as long as the service has verified the phone number linked to the user’s bank account. Doing so enables all UPI-based transactions. Once the update is rolled out, however, users may have to submit proper documentation to enable their KYC process before initiating their next UPI transaction. 

Why would WhatsApp need verification?

Most UPI transaction systems, such as Google Pay and PhonePe do not require any documents in order to facilitate transactions. However, as per RBI guidelines, if these apps are to create a payments wallet (the way PayTM has), then it is mandatory for their users to complete their KYC to use the app. Whatsapp may be working on creating its own wallet in order to facilitate widespread consumer adoption.

Why would WhatsApp need verification?

As Whatsapp is developing a host of features targeted at small to medium businesses, it is fair to assume that the update may be intended for those who use Whatsapp Business. The KYC process can then be used to verify the authenticity of the business, and minimise fraud. 

Finally, it is also believed that WhatsApp Pay may be expanding to a new region where it is mandatory to have the KYC completed. In that case, this update may not be intended for India and Brazil. 

Also Read: Over 3 Million WhatsApp Accounts were banned in India from June-July

Kajoli Anand Puri
Kajoli Anand Puri

Email Email Kajoli Anand Puri

Follow Us Facebook Logo

About Me: Kajoli is a tech-enthusiast with a soft-spot for smart kitchen and home appliances. She loves exploring gadgets and gizmos that are designed to make life simpler, but also secretly fears a world run by AI. Oh wait, we’re already there. Read More

Tags:
whatsapp whatsapp verify whatsapp identity whatsapp payments whatsapp update whatsapp news
DMCA.com Protection Status