KEY HIGHLIGHTS

WhatsApp Pay is fully available to all users in India following the NPCI’s decision to remove its user limits.

Users can seamlessly transfer funds to their WhatsApp contacts, as well as to other UPI applications, including Google Pay and PhonePe.

The NPCI has postponed the 30% market share cap on UPI payment platforms for an additional two years.

WhatsApp Pay, a service powered by the Unified Payment Interface (UPI), is now available to every Indian user after undergoing initial restrictions. Previously, this feature was limited to a select user base due to the regulatory constraints imposed by the National Payments Corporation of India (NPCI). However, the NPCI has now lifted these restrictions, making WhatsApp Pay accessible to all Indian residents.

For two years, the NPCI cautiously monitored the security and performance of WhatsApp Pay by capping its users at 100 million. This was a strategic decision to ensure that the service could be scaled effectively while maintaining a secure user environment.

According to a recent press release from the NPCI, “In the past, NPCI allowed WhatsApp Pay to gradually increase the number of its UPI users. Thanks to this recent development, WhatsApp Pay can now provide its UPI services to its entire Indian user base.” This change opens doors for more users to harness the power of digital payment through WhatsApp, offering a convenient and efficient way to transact.

For related news, check out this article: Man loses Rs 13 lakh in hotel booking scam: Here’s what happened and tips to avoid such frauds.

Understanding WhatsApp Pay

WhatsApp Pay enables users to send and receive money directly within the app, eliminating the need to switch platforms. Similar to traditional payment apps, users have the option to send money requests with ease. Additionally, they can make payments to users on other UPI platforms such as Google Pay, PhonePe, and Paytm, fostering greater interoperability within the digital payment landscape.

Setting Up WhatsApp Pay

• Open the WhatsApp application on your device.
• Tap the three dots located at the upper right corner of the interface.
• Select the option labeled “Your Payments.”
• Press “Add Payment Method.”
• Review and accept WhatsApp’s payment policies.
• Confirm by clicking “Accept” to proceed with the setup.

Steps to Transfer Funds

• Initiate a chat with the person to whom you wish to send money.
• Select the ₹ icon found in the lower right corner of the chat screen.
• Input the amount you wish to send.
• Authenticate the transaction using your UPI PIN.
• You will receive a notification confirming the payment via a message.

In an interesting development, the NPCI has also decided to postpone the enforcement of a 30% market share cap for all UPI-based payment platforms for an additional two years. This cap means that platforms, including Google Pay, PhonePe, Paytm, and others, will be restricted from holding more than 30% of the market share, ensuring a fair competitive environment in the digital payments sector.