Whatspp allowed to offer payments service via UPI in India
The National Payments Corporation of India has given its nod to WhatsApp Inc. to offer payments services via the Unified Payments Interface. This ends a two year wait for WhatsApp Pay, which has so far been operating pilot operations for users in India.
WhatsApp Pay will join an already crowded market of payment services offered via the UPI network. Google Pay, PhonePe and PayTM are some of the largest processors of UPI payments, apart from applications of individual banks. The permission for WhatsApp pay to go live came on a day when the NPCI also introduced a market share cap of 30% on the volume of UPI transactions starting January 2021.