Vastavam Web: The demonetisation of the Rs 500 and Rs 1,000 currency of the Mahatma Gandhi series announced by the Centre led by Prime Minister led to the rise of phone banking and e-commerce payment systems.
To compete with the existing and popular services, cross-platform messaging service WhatsApp Messenger got a nod from the National Payments Corporation of India to UPI payments. It took almost two and a half long years for WhatsApp to clear all the legal hurdles to get the version ready.
WhatsApp currently enjoys a user count of over 400 million in India. However, initially, only 20 million customers will able to use the UPI payment option. Slowly all the users will be able to use the option
Facebook CEO Mark Zuckerberg shared a video on his Twitter handle after WhatsApp got the required permissions to roll the Unified Payment Interface (UPI) payment services. He said through WhatsApp payments, sending money will be an easy process and no extra money will be charged for the services. More than 140 banks accept WhatsApp payments.
Just like other payment services, WhatsApp too comes with a transaction limit of one lakh. The payment services apply for only Indian numbers, WhatsApp used on international numbers cannot use the payment service.