WhatsApp banking is now a basic facility offered by the majority of banks. Since its launch in 2020 in India, banks have partnered with Meta-authorised Technical Service Providers to extend their services on this messaging app.
Attributing to its convenience and instant processing, it is now growing in popularity as a banking option. For instance, you don’t have to download multiple mobile banking apps for all your accounts, as you can connect with them on one platform.
Read on to learn more about the WhatsApp banking service, its features, benefits, registration process and more.
What is WhatsApp Banking?
Partnering with NPCI (National Payments Corporation of India), many banks in India introduced this e-banking facility, which allows the WhatsApp chatting app to act as a bridge for communication between banks and their customers.
Features of WhatsApp Banking
Here are the key features of WhatsApp banking in India.
- GDPR Compliance: As per the General Data Protection Regulation, all messages between banks and customers are secure against archiving and pseudonymisation
- Safeguard Against Threats: Banks use additional security measures to prevent any threats and vulnerabilities to your private information
- Complete Encryption: The app keeps all of your private chats encrypted; this provides security to your banking-related confidential information
- User Authorisation: You can opt-in and out of the banking facility as per your requirements
Why Choose WhatsApp Banking?
These are some reasons why you should opt for WhatsApp banking.
- Fingertip Banking: Banking through WhatsApp makes it easy to keep track of all your account’s status anytime and anywhere
- Secure: It is a secure option that has passed all the penetrative tests
- Convenient: You don’t have to download additional apps and connect all your bank accounts through one app – WhatsApp
- Pocket-friendly: Banking on WhatsApp does not require any charges; you only need to register for it and have stable internet access
- Digital Payments: You can even send and receive funds on WhatsApp through the Unified Payments Interface (UPI)
- Simple: Using WhatsApp for banking services is easy and doable by everyone, even if they aren’t tech-savvy
- 24/7 Availability: This facility isn’t subject to banking hours restrictions or bank holidays, so you can access it anytime
Also Read: What is Mobile Banking?
How to Register for WhatsApp Banking
The registration process may vary depending on your bank; however, here are common steps you can follow:
- Step 1: Save your bank’s WhatsApp banking on your device
- Step 2: Open the chat for the saved number
- Step 3: Send a ‘Hi’
- Step 4: Choose your preferred language
With these steps, you can successfully register. Note that your WhatsApp number must be registered with your account with the bank. Thereafter, you may get a banking menu on your chat. You can choose any of the service options and continue responding as per your requirements.
Fund Transfer via WhatsApp Banking
Here are the steps you must follow to send money via the WhatsApp UPI option.
- Step 1: Click on the ‘₹’ symbol on the recipient’s chat
- Step 2: Choose your bank
- Step 3: Complete the registration process by following the instructions
- Step 4: Enter the amount
- Step 5: Confirm the payment
Other Services Available Through WhatsApp Banking
Banks provide a wide range of banking services to their customers via WhatsApp’s direct messaging. These include:
- Notification for new product launch
- Update regarding their savings / current account
- To make inquiries for fixed deposit interest rates and other details
- Information on services related to their debit card
- Chequebook service detail
- Request a new chequebook
- Preapproved loan offers
- Wealth management
- Credit card billing amount and upcoming due dates
- Outstanding credit card amounts
- Bill payments
- Fast tag services
- Request mini-statement
- Loan application and approval status tracking
- Checking credit card application status
- Update personal details
- Locate your nearest bank branch and more
With these WhatsApp banking services, you can manage your accounts conveniently and without any hassles. If you need a financing solution that’s as convenient and easy, apply for Personal Loan and get up to ₹5 lakhs at affordable rates starting at 2% per month.
In addition, you can enjoy 100% digital application, minimum documentation, no pre-closure charges and many other benefits. Download the Personal Loan App or visit our website to register now and get the funds you need in just a few clicks.
FAQs on WhatsApp banking
How do I register for WhatsApp banking?
To start the registration process, you must save your bank’s WhatsApp banking number on your phone. Once saved, you must send a ‘Hi’ text on the chat to register your WhatsApp number for the facility.
What are the features of WhatsApp banking?
The key features of the Bank’s WhatsApp communication facility are as follows:
- GDPR Compliance
- IT threat protection
- User control
Why is WhatsApp banking important?
It allows you to enjoy real-time messaging to solve your queries. This way, you can communicate with your bank via chat and get prompt resolutions or answers to your requirements.
Is WhatsApp safe for banking?
As long as your device is password protected and the app is updated, banking through WhatsApp is a safe option.