Reported by: banking|Updated: November 11, 2020
WhatsApp gets okay for payments service
The National Payments Corporation of India has given its permission to WhatsApp to launch its services on the United Payments Interface (UPI). The NPCI permission means that WhatsApp can expand its UPI base in a graded manner starting with a maximum number of registered users at 20 million. WhatsApp had claimed that sending money through the messenger platform is as easy as sending a message. There will be no fee and the payment system is supported by more than 140 banks. WhatsApp said in a statement it has been designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. Payments on WhatsApp is now available for people on the latest version of the iPhone and Android app. WhatsApp will have competitors in the payment space like Google, Paytm etc. Meanwhile, NPCI has put a cap on third-party app’s transaction volume in UPI at 30% effective 1 January 2021. It will be calculated on the basis of the total volume of transactions processed in UPI during the preceding 3 months.