WhatsApp Pay gets NPCI nod to go live on UPI in graded manner
Retail payments organisation National Payments Corporation of India (NPCI), which operates Unified Payments Infrastructure (UPI) in the country has given the much-awaited approval to WhatsApp to go live on through the multi-bank model.
According to NPCI, WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of 20 million in UPI.
WhatsApp has been running its UPI-based payment system, WhatsApp Pay in Beta since 2018, with 1 million users. One of the biggest hurdles for the platform, continued to be Reserve Bank of India’s (RBI) data localisation norms for payment providers in the country, which the company had to comply with.
WhatsApp is currently fighting a Public Interest Litigation (PIL) in the Supreme Court, filed by MP of Communist Party of India, Binoy Viswam, to stop its full-scale operations, asking RBI and NPCI to ensure that data collected from UPI platform is not exploited or used by participants or players.