The Nationwide Funds Company of India (NPCI) has eliminated the person restrict for onboarding on WhatsApp Pay, efficient instantly. In keeping with a press release from NPCI, WhatsApp Pay can now supply UPI companies to its complete person base in India.
WhatsApp Pay will proceed to stick to all current UPI pointers and circulars for Third-Celebration Utility Suppliers (TPAPs) (REUTERS)
Beforehand, NPCI allowed WhatsApp Pay to extend its UPI person base in phases, with a cap of 100 million customers. This restriction has now been lifted, enabling WhatsApp Pay to broaden its companies with out limits.
WhatsApp Pay will proceed to stick to all current UPI pointers and circulars for Third-Celebration Utility Suppliers (TPAPs), in line with NPCI.
In 2020, NPCI imposed a person cap of 1 million on WhatsApp Pay, which was steadily raised to 100 million by 2022.
This cover has now been totally eliminated. The preliminary restrictions had been put in place to make sure a easy rollout and keep away from overburdening the banking infrastructure. With the UPI ecosystem now extra secure, NPCI has authorised the removing of the cap, permitting WhatsApp Pay to broaden its person base.
The Nationwide Funds Company of India (NPCI), established by the Reserve Financial institution of India (RBI) and the Indian Banks’ Affiliation (IBA), serves because the umbrella organisation for retail cost and settlement programs in India. NPCI oversees the Unified Funds Interface (UPI) framework.
On Tuesday, the central authorities introduced a two-year delay in implementing market share caps for UPI transactions, offering aid to main gamers like Google Pay and Walmart-backed PhonePe.
The proposal, launched in November 2020, seeks to restrict any digital cost agency’s market share to 30% of the entire UPI transaction quantity. Initially set to be enforced by the tip of 2024, the deadline has now been prolonged to December 2026, in line with an NPCI assertion.
At present, PhonePe and Google Pay dominate the UPI cost area in India. As of November 2024, PhonePe held a 47.8% share, whereas Google Pay accounted for 37%.
Collectively, they processed 13.1 billion transactions in the identical month, regulatory information revealed. Different opponents embody fintech platforms akin to Paytm, Navi, Cred, and Amazon Pay.
(With PTI, Reuters inputs)