However, not all users in India - one of the biggest markets for the unit of Facebook - would be able to access the feature as NPCI had mandated expansion of WhatsApp's UPI user base 'in a graded manner starting with a maximum registered user base of 20 million'. "NPCI is clearly taking a cautious approach given WhatsApp will be limited to 20 million payment users to start".
WhatsApp sends instructions to banks that initiate the transfer of money via UPI between sender and receiver bank accounts.
The National Payments Corporation of India (NPCI), which is an umbrella organization for operating or managing retail payments and settlement systems in the country, has given WhatsApp the green light to offer online payments services. You can move money to anyone using a UPI-supported app. This facility will be launched in ten Indian regional languages in the latest stable version of the app both on Android and iOS.
After a wait of two years, the WhatsApp Pay feature has finally been rolled out in India and without any doubt, it is all set to shake up the payments' space in the country!
UPI processed over 2.07 billion transactions in October (worth Rs 3.86 lakh crore), up from over 1.8 billion in the previous month, as per data from NPCI.
"Given the regulatory concerns WhatsApp has faced on its path to going live a payment service in India, it can be expected that its operations and data privacy practices will be examined under a microscope after launch", McKee tells Information Security Media Group.
If your friend or any family member has blocked you on Whatsapp due to any problem or conflict, then there is no need to worry.
The decision to cap market share of UPI players at 30 per cent will have implications for millions of users and even adversely impact adoption of the digital payment mechanism in the future, according to industry experts. While this limit will officially be effective from January 1, 2021, the restrictions on user volume have already been put in place for Whatsapp to ensure compliance with the limit on transaction percentage. You will get a list of bank names.
NCPI's nod to roll out the feature however, makes it evident that the government is satisfied with WhatsApp Pay's policies and terms.
In a statement, Sameer Nigam, founder and chief executive of PhonePe, said, "We have reviewed the recent NPCI circular and want to assure all our customers and merchants that there is absolutely no risk of any UPI transactions on PhonePe failing".
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