Facebook inc. Whats app messaging platform on Thursday got much awaited approval to enter the digital payments market from National payments crop. Of India (NPCI), which also capped the transaction volume clocked by company to 30% overall payments on the Unified payments Infrastructure (UPI) platform. NPCI, which operates the UPI platform in the country, said WhatsApp can go live through the multi-bank model and can expand its UPI user base in a graded manner, starting with a maximum registered user base of 20 million. WhatsApp has been running its UPI-based payment and system, WhatsApp Pay, in Beta since 2018, with l million users. One of the biggest hurdles for the platform continued to be Reserve Bank of India’s (RBI) data localization norms tor payment providers in the coutry, which the company had to comply with. WhatsApp is currently fighting a public interest litigation in the Supreme Court, filed by Communist Party of India MP, Binoy Viswam, to stop its full-scale operations, and asking RBI and NPCI to ensure data collected via the UPI platform is not exploited or used by participants.
Courtesyg: Google (photo)
