National Payments Corporation of India (NPCI) has approved an additional sixty (60) million users on UPI for WhatsApp. With this approval, WhatsApp will be able to expand the service to its hundred(100) million users.
The US-based platform was previously allowed to rollout the WhatsApp pay service to 40 million users in the country. The app started providing its instant payment service in India in 2020 but it struggled to expand the offering due to confusing regulatory pushback.
WhatsApp currently counts for over 400 million users nation-wide and is the most popular smartphone app in India but is yet to gain popularity in the instant payment sector as rivals Google Pay and Walmart-backed PhonePe cover 70% of the UPI market share, according to TechCrunch.
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National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.
NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
