Payments on WhatsApp go live in India
Published On: Friday, November 6, 2020 | By: Team KnowMyStock
WhatsApp pay owned by Facebook Mr. Zuckerberg can go live from Nov 5th using the homegrown, multibank Unified Payments Interface, its operator the National Payments Corporation of India said in a statement Thursday. While introducing a 30 per cent cap on the number of UPI transactions that can be processed by third-party apps like Google Pay, PhonePe and others. Also, payments are available now in 10 Indian regional language versions of the platform. The two decisions have the potential to change India’s digital payments landscape. While WhatsApp, which had one million people using its beta app, can extend the payments service to another 19 million users, the 30 per cent cap will provide a level playing field and prevent a monopoly from getting created on the UPI space.
He added that with UPI — on which WhatsApp payments is built— India had created something “truly special” and was opening up a world of opportunities for micro and small businesses that were the backbone of the Indian economy.He also added now you can easily send money to your friends and family, just as easily as sending a message. There’s no fee and it’s supported by more than 140 banks,”
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