WhatsApp on UPI platform
Earlier this month, the National Payments Corporation of India (NPCI) agreed to Launch WhatsApp on United Payments Interface (UPI) Platform in the Multi-bank pattern in a ranked manner. Now people can send money to their friends and family easily like forwarding a message. No fee will be charged for sending and receiving money. More than 140 banks sponsored it.
More About Whatsapp+UPI
This results after 2 years of the experiment of the payment method on this immediate communication App. But there was a delay in development due to privacy concerns. Therefore, consent was given after the data restriction limitations have been met. Further, According to NCPI, WhatsApp can increase its UPI base starting with an utmost registered user base of 20 million in UPI. This has been secure and trusty for its users. Now people don’t have to stand in the banks’ line.
Moreover, UPI makes it easy for everyone to immediately accept payments across several Apps
Most importantly, NCPI made this announcement instantly after UPI reached 2 billion transactions a month. But it limited the transactions. Third-party apps like WhatsApp can perform to 30% of the total volume.
Do You Know?
WhatsApp is a Facebook-owned company. WhatsApp has 1.5 billion active users in 180 countries. Approximately 400 million people users are from India. Only 2 million people from China use WhatsApp.
So, the facebook-owned company intended its entrance in payment services in India. However, it wasn’t able to do so in time. Since it was not able to meet the data restriction limitations system of the Indian government. Presently, this payment service method is on a trial basis.
On the other hand, PhonePe and Google pay are major Market players right now. Each enjoys 40% of market shares.
In accordance with RBI rules, payments data, information on payments or settlement transactions, customer data, among other information, has to be stored in India for the platform to get approval.
Keep in View
Finally, after several legal problems, WhatsApp UPI is here. But there are some things that users should keep in mind:
- It’s only in India: Only Indians can access it who have Indian bank accounts.
- People who have registered on international numbers cannot use this method.
- Also, UPI’s transaction limit of Rs 1 lakh applies to WhatsApp.
- People can send money to anyone who has UPI. WhatsApp gives you the option of entering a UPI ID.
Original Author– Pragya Verma
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