Are you familiar with Whatsapp? If you haven’t – it must be an age-old rock that you are living under. Today, the application Whatsapp has over 2 billion users in over 180 countries. It comes third in line for a social media platform that is used in the world.
Now that you know how popular WhatsApp is, let’s look at who uses it. Contrary to popular belief, WhatsApp appears to transcend age, as it is utilized by people of all ages.
The application is particularly popular in India and Brazil. That is most likely why certain features are first tested in these nations before being rolled out globally.
Now that you know the stand it takes up in India, it is only right we know about Whatsapp Banking in SBI and how you can get a mini statement through this.
Whatsapp Banking – Explained
You’ve spent hours on the app chatting with friends and family. As an extra bonus, you may now contact banks via WhatsApp for basic inquiries. Your inquiries are handled in real-time.
Today, this service is also offered by the State Bank of India.
The State Bank of India Whatsapp Banking
State Bank of India has recently launched ‘WhatsApp banking’ for its clients. The State Bank of India WhatsApp banking services are available for checking account balances and the SBI mini statement. The bank will disclose details on the last five transactions in the mini-statement.
SBI also stated that account holders can now obtain information in a single transaction rather than registering onto the Yono App or traveling to the ATM for a small statement. So – if you have an SBI account and wish to use the new SBI WhatsApp banking function, you must first register your SBI account for the WhatsApp service and provide consent by SMS. This is how you can accomplish it.
How to Register for Whatsapp Banking from the State Bank of India?
Here are the steps you would have to follow in order to register for the SBI Whatsapp Banking:
Step 1: From your bank’s registered mobile number, send an SMS with the text ‘WAREG A/c No to 917208933148’.
Step 2: Once registered, you will have to text ‘Hi’ to +919022690226.
Step 3: Alternatively, you can respond to the WhatsApp message with “Dear Customer, You are successfully registered for SBI WhatsApp Banking services.”
Step 4: The WhatsApp bot will provide you with some options from which to choose. Choose one of the following options:
Mini Statement, Account Balance, Unsubscribe from WhatsApp Banking
Step 5: Alternatively, you can enter and send your inquiry.
Step 6: The SBI WhatsApp bot will display your account balance or a mini-statement in response to your inquiry.
Why the Whatsapp Application?
WhatsApp is the most popular chat app forum, with over 2 billion users worldwide. Its end-to-end encryption, extensive network, and global accessibility enable the banking and finance sectors to communicate more directly with their customers. Retail banking, with its user-friendly digital interface, is quickly adopting a mobile-centric customer satisfaction ratio.
What Makes it a Good Choice?
- The General Data Protection Regulation allows WhatsApp users to use the service with the highest level of security and privacy. There is no archiving of messages under GDPR, and encryption and pseudonymization are used efficiently, creating a safe foundation for data processing.
- WhatsApp data is secured via HTTPS and encrypted, allowing confidential information like ban payments, balances, and receipts to be transmitted across this interface.
- Any financial technology must safeguard the critical information provided by the consumer and secure his data. To assure security, the technology employed runs several transmissions, does penetration tests, and enables vulnerability assessments as needed.
- This communication takes place only with the end user’s authorization to utilize this as a route to share banking-related inquiries via the opt-in process; similarly, opt-out would be for users who feel intimidated and prefer to work on the original banking websites.
Payments with Whatsapp
Yes, this is possible!
A very important aspect of WhatsApp, which also includes other banking-related services and financial transactions, is that an individual may send and receive payments through a single chat window.
With a diligent collaboration with some of India’s leading banks, payments can be sent from one account to another without ever typing the account number or IFSC code.
This is based on the Unified Payments Interface, often known as UPI or VPA – Virtual Payment Address. With this facility, financial transfers can be processed conveniently 24 hours a day, seven days a week.
WhatsApp is one of the world’s biggest messaging networks, with billions of users worldwide. It intends to include UPI in its program, particularly for Indian consumers, who now account for 250 million active WhatsApp users. Other capabilities include the ability to amend a sent message, increase the number of participants in a group phone and video chat, and the recently introduced “delete for everyone” tool, which allows the user to erase a message within 7 minutes of sending it to any group.
So, integrating UPI within WhatsApp to work on both Android and iOS will provide them with a competitive advantage in terms of strengthening banking while incorporating payments within their framework.
- Anyone, anywhere in the globe, can send money to anyone else.
- The payment function includes an easy-to-use pay tool that allows transferring money as simple as sending a picture or a video.
- To process the payment, only a virtual address is necessary; the user is not required to obtain the account number or IF SC code from the receiver.
- The receiver will receive a notification verifying the transaction initiated by the sender.
- It is a fantastic concept and one of the greatest and easiest payment options ever devised.
Conclusion
Technology can make things just easy. Especially when you are not in the mood to log in to your internet banking or mobile banking and use a common messenger application for all the services – that is a great deal that you will be making. Moreover, when things get easier around your banking and finances, you can be stress-free most of the time.
