Paytm accuses WhatsApp's UPI payments system of unfair play
21 February, 2018, 12:50 | Author: Sammy Rose
The National Payments Corporation of India (NPCI) has announced that WhatsApp is now conducting beta tests for money transfer service that it aims to launch as a "full feature product". Whatsapp is one of the most popular internet platforms in the country has introduced tens of millions of users to the digital platforms by launching digital payments.
The NPCI said in an official statement: "Currently, the NPCI has given its consent to roll out WhatsApp BHIM UPI beta launch with the limited user base of one million and low per transaction limit".
Four banks will join united payments interface which powers the payments service for whatsapp, in phases NPCI said.
A full feature of the product is expected to be released after the beta test is successful.
"Further, the statement said that the aspects of interoperability, like the ability to send money across any UPI ID, allowing collect requests for customers and generation of BharatQR codes, are required for going live in the final stage". It facilitates payments using customers' phone numbers, which are linked to their bank accounts.
With the introduction of UPI service, WhatsApp will face a number of competitors in the Indian market like Paytm, PhonePe, Tez, and others.
Paytm accused WhatsApp of flouting norms laid out by the NPCI and demanded a level-playing field for all UPI-based apps. The founder of Paytm Mr. Vijay Shekhar Sharma allegedly stated that Whatsapp was breaking all rules and putting consumers at risk since the steps which should be involved in the payments process were missing.
"We are still concerned that this statement is silent on the critical issue of safety/security of a financial transaction through UPI, where consumers need to mandatorily sign-in with username and password".
According to the sources, BHIM-UPI branding isn't used anywhere in WhatsApp while other digital payment platforms comply with the mandate. He also alleged that Facebook was "killing lovely open UPI system with its custom close garden implementation".
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