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Thursday, March 4, 2021

Money transfer from WhatsApp, this system will be done through UPI

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WhatsApp UPI Based Payment: WhatsApp now has permission to make UPI based payment in India. For this reason, you will soon be able to transfer money from WhatsApp. Paytm, Google Pay and PhonePe will now be challenged in the case of UPI-based payments due to permission given by the National Payment Corporation of India (NPCI). WhatsApp will be able to increase its user base gradually. He will be able to debut in UPI with a maximum of 2 crore users. WhatsApp social messaging app has around 40 crore of active users in India. It has around 1.5 billion users worldwide. Currently, there are many third-party apps that provide UPI-based payment services, including Google Pay, Phone Pay, Amazon Pay, and Flipkart. Apart from that, 140 banks also provide these services.

WhatsApp’s UPI-based payment system has been running in the beta version of WhatsApp Pay since 2018, which has around 1 million users. Due to Reserve Bank of India data location rules, payment providers must keep data of all users in India, due to which WhatsApp Pay was not launched.

NPIC has imposed a limit of 30% on the total volume of transactions processed in UPI applicable to all third party application providers. This rule will come into effect from January 1, 2021. This decision was taken with a view to a UPI reaching 2 billion transactions per month and increasing in the future. This will eliminate the risks and provide better security.

Will Cathcart, the global manager of WhatsApp, visited India last year and during this time he met Union Minister Ravi Shankar Prasad. At that time, he had expressed his willingness to launch the company’s payment service.

Indian Communist Party MP Vinoy Biswas has filed a complaint with the Supreme Court against WhatsApp. In this regard, Vishwas asked the Reserve Bank of India and the National Payment Corporation of India to ensure that WhatsApp Pay does not misuse the data collected.

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