Facebook-owned messaging app WhatsApp has got permission to launch a payment service in India. The National Payment Corporation of India (NPCI) has cleared WhatsApp Pay but has stipulated that it will be released for 2 crore users at the moment. Let us know that the number of WhatsApp users in India is more than 400 million.
After getting the approval of WhatsApp Pay in India, the problem of UPI app like PhonePe, Google Pay is going to increase, because the first benefit to people on payment from WhatsApp will be that they have to keep an app separately from the payment work from WhatsApp. Will not be needed. Let us know that recently PhonePe said that its number of users has crossed the 25 crore mark.
Testing has been going on for two years
WhatsApp was only waiting for the green signal from the government, as the company has been testing WhatsApp Pay in India for the last two years.
Several thousand users are already using WhatsApp Pay on the beta version. In such a situation, it is expected that the company will soon release WhatsApp Pay in India. After the new update, you will have to create a UPI PIN like any other UPI app and after that, you will be able to pay.
NPCI fixes transaction limit for a third party app
NPCI has given a green signal to WhatsApp and has set the UPI transaction limit for the third party app which will come into effect from January 1, 2021.
Under the new rule, the Singer third party app will account for a maximum of 30 percent of the total UPI transactions. The government has taken this decision to prevent the monopoly of an app in UPI.
NPCI has recently said that two billion UPI transactions are happening every month in India. If you understand the new rule coming into force from January 1, 2021, with an example, suppose that there are three billion UPI transactions every month from different UPI apps, then 30% of this means the maximum of 90 lakh transactions is just one third party app i.e. Paytm, Google and Jio will be able to be done in a month.