Transactions will be easier with WhatsApp
WhatsApp has received approval from the National Payments Corporation of India (NPCI) to launch the UPI payment service.
- Last Updated:November 6, 2020, 7:52 AM IST
Phase wise will expand
WhatsApp was testing the UPI system for a long time, but the privacy case was stuck. NPCI has given permission to allow WhatsApp to go live on Thursday. At present, only 20 lakh users will be able to take advantage of this service.
NPCI gives approval for WhatsApp to ‘Go Live’ on UPI in a graded manner.
WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of twenty (20) million in UPI. pic.twitter.com/96Ykz0aYTt– CNBC-TV18 (@ CNBCTV18Live) November 5, 2020
Over 200 million users
Currently, WhatsApp has more than 200 million users in India. It is believed that with the launch of WhatsApp Pay, phone pay, Paytm, Google Pay etc. will get a tough competition in the UPI payment market.
What is Unified Payment Interface / UPI
Unified Payment Interface or UPI (Unified Payments Interface) is a real time payment system, which can instantly transfer money to a bank account through a mobile platform. Through UPI you can link a bank account to many UPI apps. At the same time, many bank accounts can be operated through a UPI app.
200 crore UPI transactions in October
Significantly, amid the Corona crisis, people have made a new record sitting at home. In fact, during October 2020, in the case of UPI based transactions across the country, the country has crossed the Rs 200 crore mark in a month.