In a launch issued on Tuesday, NPCI stated that the 100-million-users cap on WhatsApp Pay has been eliminated. Because of this India’s most generally used messaging platform can now onboard its more-than-500 million customers onto UPI.
When WhatsApp Pay was launched in 2020, the NPCI had imposed a cap of 1 million customers on the messaging application. The thought course of behind the cap was to scale up the favored service slowly in order to not create any further stress on the baking ecosystem. The cap was additional relaxed to 100 million in 2022 and has been eliminated altogether now.
Whereas Fb-owned messaging software is likely one of the largest and probably the most broadly used messaging functions within the nation, it has a really negligible share of UPI payments. In November, WhatsApp Pay processed solely 51 million UPI transactions, in comparison with greater than 12 billion transactions processed by Google Pay and PhonePe collectively.
In November 2023, WhatsApp Pay had processed round 22 million transactions.
Trade insiders identified that NPCI remains to be betting large on somebody like WhatsApp Pay to begin getting adopted within the mainstream. ET had written in April that NPCI has been nudging new third-party functions who’re providing UPI-based funds, to develop their person base by way of incentives. Conferences had been held with smaller UPI gamers to search out out methods through which extra apps could possibly be popularised on UPI. As of now, none of these steps have proven the specified outcomes.
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Gamers like Navi and Cred have proven some progress in UPI funds over the previous few months, however by way of market share they’ve simply round 1%.
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