Home Business WhatsApp Gets NPCI Approval To Go Live In UPI Payments

WhatsApp Gets NPCI Approval To Go Live In UPI Payments

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WhatsApp Inc., the Facebook-owned messaging podium, would release out UPI Payments feature for users across country in regional languages.

It announced a day after securing approval from the National Payments Corporation of India.

“Payments would be now available in 10 Indian regional language versions of WhatsApp. All that one need is a debit card with which a bank that supports UPI that can set it up straight away.

You can find it in the latest version of WhatsApp,” Mark Zuckerberg, CEO at Facebook, quoted saying in a statement on Friday.

Acquired by Android and iOS users after the latest update on the application, the NPCI gave its nod to WhatsApp to offer payments services via the Unified Payments Interface.

This ends a two-year wait for WhatsApp Pay, which has so far been operating pilot operations for users in India.

WhatsApp Pay would join already crowded market of payment services offered via UPI network. Google Pay, PhonePe and PayTM are some of the largest processors of UPI payments, apart from applications of individual banks.

The permission for WhatsApp pay to go live came on a day when NPCI introduced a market share cap of 30% on the volume of UPI transactions starting January 2021.

WhatsApp has nearly 400 million users in India and currently, in beta phase, as part of the pilot operations, WhatsApp Pay serves about 1 million customers.

The payments feature on UPI framework “makes it easy for anyone to instantly accept payments across different apps, and for companies to provide people with great services”, Zuckerberg said.

The messaging platform is currently working with five Indian banks, including SBI, HDFC Bank, ICICI Bank, Axis Bank and Jio Payments Bank in order to process payment services.

The launch of WhatsApp Pay seen as considerable delays, due to data localisation norms by Reserve Bank of India.

WhatsApp Pay also faced a challenge in the Supreme Court earlier this year, when a plea filed regarding a pilot payment programme run by the company.

WhatsApp has already been expanding beyond messaging in India.

Written By- Mousami Jena
Image Courtsey- Google

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