WhatsApp Pay gets green signal, trouble for Google Pay and PhonePe!
National Payments Corporation of India (NPCI) announced on Thursday that WhatsApp can launch WhatsApp Pay service in India. NPCI said that WhatsApp will be allowed to roll out this service in a “graded manner” and will be allowed to do so first with a maximum of 20 million (2 crore) registered users in UPI. Let us tell you that PhonePe had recently announced that it has crossed the mark of 250 million (25 crore) users. NPCI has also announced that from January 2021, such third party apps will be capped at 30 percent for all future transactions.
The biggest impact of this limit on transactions will be on Google Pay and PhonePe, which according to a recent report, handle 40 percent of UPI transactions in India.
Recently, the Competition Commission of India (CCI) dismissed a case against the Facebook-owned instant messaging platform, saying that the company has not taken wrong path to expand in the country’s digital payments market. . In its order in August, CCI said it found no violation of antitrust laws.
WhatsApp Pay was expected to launch in India long ago, with an announcement expected around Diwali last year. Questions were also raised at that time that WhatsApp would get an unfair advantage of its 400 million user base at that time.
