All you need to know about WhatsApp-based banking

Now, you can get the latest banking updates and notifications directly via WhatsApp. The service is convenient and free for customers.

All you need to know about WhatsApp-based banking

WhatsApp isn’t only about chatting with friends and family. It has been adding several new features over the years in a bid to retain its position as the world’s most popular messaging app. In India, its largest market, WhatsApp is almost synonymous with messaging. In case you didn’t know, you can now transfer money to and from multiple bank accounts through WhatsApp Pay. 

The move marks the next stage of WhatsApp’s evolution into a super-app. But this process has been underway for quite some time. For example, many Indian banks have been offering a variety of banking services via WhatsApp Banking. Now, you can reach out to your bank just like you would ping a friend and get an instant response, 24x7, including on national holidays!

What are the banking services available via WhatsApp?

WhatsApp Banking brings a variety of banking services at your disposal. The convenience it provides is unmatched. For instance, you do not need to enter passwords or PINs so there’s no risk of typos or session time-outs. All you need to do is type the query and get an instant response. Read on for a list of services available currently via WhatsApp Banking. Please note that this may vary from bank to bank.

  • Mini statement
  • Account balance
  • Blocking or unblocking cards
  • Latest interest rates
  • Cheque book request
  • Last three transactions
  • Credit card reward points
  • Pre-approved loan/card offers
  • Additional services such as ATM locations etc.
  • You can keep track of the latest updates and policy changes as well as request callbacks for loans or credit cards through this service. The best part is you don’t have to be a customer to contact a bank via WhatsApp Banking. To start a conversation, simply type ‘hi’ followed by your question and send it to the dedicated number. However, for account-related queries, you would need to send your message from a WhatsApp number registered with the bank.

Related: Now get all your EPFO-related queries addressed through WhatsApp

How can I apply?

All you have to do save the dedicated number assigned by your bank to your contacts and message ‘hi’ to request access to WhatsApp-based banking. If you are using a registered number, you will receive a welcome message from your bank confirming that your request has been accepted. In case you want to unsubscribe later, simply send an opt-out request. The bank will process your request accordingly and you will no longer receive any account-related banking alerts through WhatsApp. However, general queries will still be answered. If you wish to subscribe once again, follow the same process as above.

Is WhatsApp Banking safe?

With SMS phishing attacks on the rise, you may wonder whether it is really safe to get sensitive banking information via WhatsApp Banking. However, the security of your data is virtually guaranteed, thanks to the end-to-end encryption technology integrated into the app. WhatsApp does not store any data on its servers, which is reassuring from a privacy point of view. Moreover, your data is protected under multiple Indian laws. To date, lakhs of consumers have signed up for WhatsApp Banking.

At a time when the authorities are encouraging the use of digital banking, it is an excellent alternative to visiting a bank. However, remember to only interact with the official WhatsApp Banking number available on the bank's website.

Related: WhatsApp Pay to go live in 10 regional languages after NCPI approval

What are the charges?

WhatsApp Banking is absolutely free for customers. The advantage for banks is that they get an additional channel for providing customer support over and above phone banking. This reduces operating costs and improves efficiency at their branches as well.

What services are not included?

Currently, some banks are still sending payment debit/credit alerts via SMS and email although this may change in the future. It is advisable to get in touch with your bank to know more about what’s included and what’s not. Also, WhatsApp Banking is primarily meant for you to perform basic banking transactions and keep track of the latest bank policy updates. It is not meant to replace netbanking, mobile banking, or in-person visits for accessing the complete range of banking services. 5 New WhatsApp features that you need to know.

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