WhatsApp has commenced its payment service operations in India on Thursday. After years of facing legal hurdles, the Facebook Inc. owned messaging app has been allowed to initially offer the payment services to 20 million of their approximate 400 million user base.
The National Payments Corporation of India (NPCI) allowed the messaging platform to start its payments service in the country. In a statement issued by the NPCI, it states that a cap of 30% of the total volume of transactions process will be applicable on all TPAPs from January 1, 2021.
The transaction limit for WhatsApp is ₹1 lakh for UPI. WhatsApp is yet to enable a feature in which you are allowed to send money to people by simply entering their bank account number and IFSC code.
WhatsApp pay can be used for Indian phone numbers linked to Indian bank accounts. People having WhatsApp on their international phone numbers cannot use WhatsApp pay.
Facebook Inc. has been trying and testing WhatsApp pay in India for years, but due to regulatory hurdles only a few users were allowed to try WhatsApp pay.
WhatsAapp payments can be used to send money to anyone who’s UPI is enabled, even if it is through another payment app like Google Pay for instance. WhatsApp gives you the option of entering the UPI ID if the recipient is not registered on WhatsApp pay.
On the other hand, the other person can also complete the registration process on WhatsApp to begin transacting money. This involves the process of phone number and bank account verification. Once both parties have completed the process, you can send and receive payments simply by clicking on the contact name and then navigating to payments through the attachments icon.