Lawstreet Journal

NPCI Gives Approval to WhatsApp to ‘Go Live’ on UPI in a Phased Manner

Lawstreet Journal 6 Nov 2020 11:22pm

Image courtesy: Lawstreet Journal Business NPCI Gives Approval to WhatsApp to ‘Go Live’ on UPI in a Phased Manner

On Thursday (November 5, 2020), the National Payments Corporation of India (NPCI) gave its approval for WhatsApp to ‘Go Live’ on Unified Payment Interface (UPI) in the multi-bank model. 

In the year 2008 National Payments Corporation of India (NPCI) was incorporated as an umbrella organization for operating retail payments and settlement systems in India and 

was created for a robust payment and settlement infrastructure in the country. 

The National Payments Corporation of India (NPCI) allowed the Facebook-owned messaging platform WhatsApp to start its payments service in the country in a "graded" manner.

WhatsApp has 400 million users in India and had begun its pilot run two years ago and waited for regulatory clearances to launch its UPI-based payments in India.

National Payments Corporation of India (NPCI) issued two separate statements on WhatsApp and on limiting the transaction volumes

 National Payments Corporation of India (NPCI) in one statement said that WhatsApp can expand its u Unified Payment Interface (UPI) ser base in a graded manner starting with a maximum registered user base of 20 million in UPI.

National Payments Corporation of India (NPCI) in another statement said that capped the share of the total number of transactions that a third party application can process at 30 percent of the total volume of transactions processed in UPI which will be effective from January 1, 2021.

The NPCI had earlier notified the Reserve Bank of India (RBI) that WhatsApp had met data localization requirements

National Payments Corporation of India (NPCI said that with UPI reaching 2 billion transactions a month and with potential for… Continue Reading...


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