WhatsApp Payments gets NCPI nod in India; a thread
#WhatsAppPay #ncpi #mobilewallet #WhatsApp #whatsappfeatures #whatsappnewupdate
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On 6th November 2020, National Payments Corporation of India (NPCI) announced that WhatsApp can rollout WhatsApp Pay in India.
Can be used only by Indian numbers linked to Indian bank accounts.
WhatsApp with international numbers cannot use it.
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A full-fledged rollout of WhatsApp Pay was not approved for over two years due to concerns over its data storage policy in India and over sharing of data with Facebook.
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The payment function in Tencent-owned WeChat was launched in 2014 in China. It can be used even if you don’t have Chinese bank account, just by linking debit/credit cards. WeChat was banned by India over privacy concerns.
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Right after WhatsApp nod, NPCI set a cap of 30% on total volume of UPI transactions processed by Third Party App (TPA) providers like Google Pay, Phone Pe, Paytm, etc
Will come into effect by January 2021.
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The TPAs that have more than a 30% share will have a two year period to comply in a phased manner.
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Presently, WhatsApp has been given permission by the NPCI to go ahead only in a phased manner. It will be allowed a rollout in several phases with maximum 20 million registered UPI users.
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WhatsApp Pay comes at a time when UPI transactions (volume and amount both) hit an all time high.
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For More information, check the full length article out: https://www.summachar.in/33865-whatsapp-pay-gets-npci-nod-after-2-years-2020-11-10/