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New entrant into the market WhatsApp Pay had done 300,000 transactions in November, worth Rs 13.87 crore
WhatsApp Pay is UPI-based in-chat payment feature that allows users to make transactions via WhatsApp to their contact list
WhatsApp is working on the integration of its payment option with Jio Mart's e-commerce platform.
The decision came after the NPCI also issued a statement saying that it had decided to impose a 30% cap on the share of UPI transactions that a single payment application can process
The order will come as a relief for WhatsApp, which is seen close to a full launch of its payments service, but where it has for months struggled to get required clearance
It launched WhatsApp Pay, based on the UPI system in February 2018, as part of a trial with one million users
WhatsApp Pay is the UPI-based payments system of Facebook-owned messaging app WhatsApp, embedded within the app itself
NPCI nod for phased launch comes 2 years after trial run
As and when it gets approval, WhatsApp will be entering a crowded digital payments market where it will have to slug it out with more than 80 rivals on the NPCI platform
In May, WhatsApp, which has 400 million users in India, urged its 1.5 billion global users to upgrade the app after discovering the vulnerability.
WhatsApp has been running a beta version of its payments service since last year in the country, and its official launch is being keenly watched by stakeholders
For most of the payments apps, it is time for pay back, given the investments incurred in on-boarding customers and building their networks
The plea said that while companies like Facebook and Google have appointed Grievance Officers for users in India, WhatsApp had not