WhatsApp Banking

Digital Banking has come a long way with the development of new ways of banking. It now allows banks to engage with customers even through social media channels like WhatsApp.

Various banks such as HDFC, SBI, Kotak Mahindra, etc. have also linked their services with WhatsApp e-banking services to enhance their banking services. Moreover, customers can now also send or receive payments through WhatsApp.  Let us find out about banking via WhatsApp along with WhatsApp Payment in detail.

What are the Services Offered by WhatsApp Banking?

Following are the WhatsApp Banking Services:

WhatsApp Banking Services
1	Account Balance
2	Mini Statement
3	Apply for Products
4	Interest Rates and Eligibility
5	Cheque Book Request
6	Debit Card EMI Eligibility
7	Pre-approved offers
8	More Services

Benefits of WhatsApp Banking

Following are the benefits of WhatsApp Banking:

• Available 24×7 
• Can be used anywhere in India
• The service is offered free of cost 
• Comes with end to end encryption for secure transactions
• Customers without a bank account can also use this facility

How does WhatsApp Banking Work?

WhatsApp Banking works in the following ways:

• Give a missed call to number provided by the respective bank on its official website
• To avail WhatsApp Banking services, it is mandatory to give a missed call from your registered mobile number 
• A welcome text message will be sent to you from the respective bank’s number on WhatsApp
• Send a text message i.e. ‘Hi’ to initiate a chat through WhatsApp for any banking service

Note: For example, if you want to know the last three transactions you need to type ‘2’ for a mini statement.

Steps to Make Payment through WhatsApp

Follow the steps mentioned below to make payment through WhatsApp:Step 1:  You need to open the chat window of the person to whom you want to make the payment

Step 2: Click on the ‘Payment’ option

Step 3: Accept the given terms and conditions

Step 4: Enter important details i.e. the amount to be sent and UPI PIN

Step 5: Your money will be successfully sent

Steps to Send Payment through WhatsApp using QR Code

Follow the steps mentioned below to send payment through WhatsApp:

Step 1: Go to ‘Settings’ on your WhatsApp

Step 2: Click on the ‘Payment’ option

Step 3: Click on the ‘New Payments’ Option

Step 4:  Click on the QR Code

Step 5: Fill in the amount and enter in the UPI PIN for verification. Once done, the payment will be sent successfully

Steps to Set Up WhatsApp UPI Code

Follow the steps mentioned below to set up WhatsApp UPI Code:

Step 1: Open the ‘Settings’ tab in WhatsApp

Step 2: Select Payments and click on the ‘Add New Account’ option

Step 3: From the drop-down menu, choose the name of the bank

Step 4: Enter the mobile number for further verification through an OTP

Step 5: Once the verification is done, enter the UPI PIN to verify bank account details

Things to Know About WhatsApp Banking

• Once you have availed WhatsApp banking services, alert messages/notifications from your bank through WhatsApp apart from getting them as SMS will be received
  
• WhatsApp number from which you will receive a welcome text would be different from phone banking available on the official website of respective banks
  
• Before the payment to be made, it allows the customer to view all the transactions processed under the payments tab
• It is mandatory to type the ‘number’ of the query you would like to get the desired result for such as 1 for account balance, 2 for mini statement, etc.
• To send/receive money via Whatsapp Pay, ensure that you have the latest version of the WhatsApp

Frequently Asked Questions

Q.What are the charges for WhatsApp Banking?

There are no charges for availing any banking service through WhatsApp Banking. 

Q.What are the security features of WhatsApp Banking?

All messages are secured with end-to-end encryption in WhatsApp Banking. Your account information is not shared with anyone. You do not need to enter any confidential information such as PIN or password on WhatsApp.

Q.I have lost my phone. What should I do?

In case if you have lost your mobile phone, you should send an email immediately to deactivate your WhatsApp account to support@whatsapp.com.

Q.Can I deactivate my WhatsApp account via netbanking, branch visit or phone banking?

No, you cannot deactivate your WhatsApp account via netbanking, branch visit or phone banking.

Q.If the sender does not have a WhatsApp Pay, can he still receive money on WhatsApp?

If the sender does not have WhatsApp Pay, he/she can still receive money by sharing WhatsApp Pay UPI ID to the sender-

• The sender will enter your WhatsApp Pay UPI ID in the payment section such as Google Pay, PhonePe, etc. to send you the money
  
•  Once done, WhatsApp Pay will inform you that you have received money

Q.How can I know Debit Card EMI eligibility through WhatsApp Banking?

You need to type ‘Hi’ on the respective bank’s WhatsApp Number and then send number 7. You will get the details regarding your Debit Card EMI eligibility on your screen.

Q.What are ‘More Services’ in WhatsApp Banking?

More services in WhatsApp Banking are loan services, document requirements for a car loan, and applying for insurance.

Q.In case, I cannot find a relevant banking service option? What should I do?

If you cannot find a service option relevant to your query, you can type the query as well.

For example, ‘What is my Account Account Balance?’.