New Delhi: The National Payments Corporation of India (NPCI) has allowed WhatsApp to go live on UPI. According to NPCI, WhatsApp can increase its UPI user base in a phased manner, starting with a maximum of 20 million registered user bases in UPI. Currently, Paytm, Google Pay, and Phone Pay are major players in the digital payment market.
Explain that WhatsApp has been trying to launch its payment service for a long time as it wants to enter the digital payment market in India. In July last year, its Global Head Will Cathcart came to India with some senior executives. He was here to meet RBI, NPCI and Electronics and IT Ministry officials and IT Minister Ravishankar Prasad. Speaking to the media, Cathcart had said that the company intends to launch the payments service this year.
What is WhatsApp Pay Service- WhatsApp Pay has been in beta testing in India for two years. WhatsApp Pay has not been officially launched in India yet due to some difficulties in payment method but now WhatsApp will be launched in India soon. This service is based on UPI. When this service starts you will be able to send money to anyone anywhere and anytime.
Users will get these benefits for the first time-
With the help of WhatsApp Pay service, you can transfer money to anyone’s account anywhere. This will be a UPI service. UPI’s apps are very special because they not only do the work of payment but also many other things. At this time you can also use UPI with the help of many apps like BHIM, Phone Pay, Google Pay, Mobikwik, Paytm
You can pay the bill through UPI. Also you can pay someone online. You can also transfer money directly to the bank account (money transfer in account) and recharge.
According to the NPCI website, a transaction of Rs. 1 lakh per day can be made from one account now. Under this upper limit, different banks have maintained their sub-limits. You need to contact your bank for this.
The new rule will take effect from January 1. NPCI has set a limit of 30 per cent on the total volume of transactions processed in UPI, which is applicable to all third party app providers (TPAPs). This rule will be applicable from January 1, 2021. NPCI said in a press release that this has been done in view of UPI reaching 2 billion transactions per month and growth in the future. According to the statement, this will help the UPI ecosystem to move forward, eliminate its risks and improve security. The 30 per cent limit will be calculated based on the total volume of transactions processed in UPI during the last three months.
