Central announced the permission graded for Facebook-owned WhatsApp social messaging service to rollout WhatsApp Pay in India. The National Payment Corporation of India ( NPCI ) announced the 30 percent cap on third party UPI transactions starting in January 2021.
In India, Popular third-party payment vendors required NPCI permission to stat UPI transactions, During the Covid-19 pandemic, the PhonePe payment app crossed 250 million users in India this month.
WhatsApp will allow us to roll out the WhatsApp Pay service in India starting with just 2 million users. The small number considering the messaging service has more than 400 million users in India.
NPCI says that WhatsApp has to work with multiple banking partners in India. National payment corporation of India announced the cap up to 30% of all UPI transactions done in a month via third-party apps include Google Pay, Phone Pe, Paytm.
TechCrunch reports that the Government wants to protect the UPI ecosystem from being spoiled by third-party apps. The UPI transactions frauds could be done in the third-party applications found on Google Play Store in India.