NPCI increases WhatsApp UPI payment cap 40 million users from 20 million

#NPCI, #UPI, #WhatsApp

AFP

In a move that could intensify competition in the digital payments space in India, NPCI has approved increasing the user cap for WhatsApp’s payment service from the current 20 million to 40 million.

Moneycontrol was the first to report earlier this month that WhatsApp is pushing for an increase in user cap beyond the 20 million and that this is being reviewed by NPCI. Moneycontrol also reported that NPCI will increase this in a phased manner so that the payment system is not overwhelmed.

Read More: WhatsApp seeks higher UPI user cap; NPCI may relax limit in phases

“They were pushing for the cap to be lifted altogether but NPCI didn’t want to do that so they have increased it to 40 million. Their numbers have gone up significantly and is very close to breaching the 20 million limit,” a source said.

The National Payments Corporation of India (NPCI), which operates the country’s retail payment and settlement systems, had allowed WhatsApp to start payment services in November last year with a cap of 20 million users. The Meta-owned company was expected to disrupt the payments space with its large user base in India, but it had not taken off in a big way.

Now, WhatsApp has decided to ramp up efforts to expand the payment service and wants more users.

WhatsApp’s messenger service has over 400 million users in India and lifting the limit for the payment service in one go may lead to extremely high transaction volumes on NPCI’s platform.

NPCI is considering increasing the cap in a phased manner because it cannot handle the huge volumes that might come with removing the cap completely,” the source added

Moneycontrol reached out to WhatsApp seeking comments. This story will be updated when it replies. NPCI did not offer comments.

Doubling down

Since September, WhatsApp has been doubling down on expanding its payment service in India.

WhatsApp India’s director of payments Manesh Mahatme said in September that it is scaling up the service in phases in partnership with NPCI. Mahatme said the focus will be on accelerating marketing initiatives to increase awareness of the payments feature on the instant messaging app.

As part of this drive, the company made the payment service more visible by featuring the rupee icon in the chat composer, between the attachment and the camera icons. It allowed the camera icon on the WhatsApp home screen to be used to scan QR codes and make payments across 20 million stores in India.

Its renewed efforts to boost its payment play seem to be paying off as transactions on its platform have seen a steady uptick.

Transactions on the app doubled to 1 million in September from August. That number surged to 2.6 million in October.

Transacted values grew from Rs 44 crore in August to Rs 62 crore in September. There was a 67 percent increase in transaction values to Rs 104 crore in October, aided by the festival season and improved sentiment.

However, WhatsApp’s share in India’s monthly payments remains at a minuscule 0.06 percent compared with 47 percent for PhonePe and 34 percent for Google Pay.

Separately, NPCI in November last year capped the volume of United Payment Interface-based transactions for third-party payment apps such as Phone Pe, Google Pay and WhatsApp to 30 percent of the total volume of transactions processed in the preceding three months on a rolling basis. Operators are required to comply with this norm by January 2023.

News Related

OTHER NEWS

Hind Zinc Consolidated December 2021 Net Sales at Rs 7,990.00 crore, up 32.44% Y-o-Y

Reported Consolidated quarterly numbers for Hindustan Zinc are: Net Sales at Rs 7,990.00 crore in December 2021 up 32.44% from Rs. 6,033.00 crore in December 2020. Quarterly Net Profit at ... Read more »

ICICI Bank Consolidated December 2021 Net Interest Income (NII) at Rs 13,941.88 crore, up 18.13% Y-o-Y

Reported Consolidated quarterly numbers for ICICI Bank are: Net Interest Income (NII) at Rs 13,941.88 crore in December 2021 up 18.13% from Rs. 11801.84 crore in December 2020. Quarterly Net ... Read more »

HUL Consolidated December 2021 Net Sales at Rs 13,439.00 crore, up 10.33% Y-o-Y

Reported Consolidated quarterly numbers for Hindustan Unilever are: Net Sales at Rs 13,439.00 crore in December 2021 up 10.33% from Rs. 12,181.00 crore in December 2020. Quarterly Net Profit at ... Read more »

L&T Finance Consolidated December 2021 Net Sales at Rs 2,970.75 crore, down 15.2% Y-o-Y

Reported Consolidated quarterly numbers for L&T Finance Holdings are: Net Sales at Rs 2,970.75 crore in December 2021 down 15.2% from Rs. 3,503.43 crore in December 2020. Quarterly Net Profit ... Read more »

Ramcoind Consolidated December 2021 Net Sales at Rs 337.21 crore, up 11% Y-o-Y

Reported Consolidated quarterly numbers for Ramco Industries are: Net Sales at Rs 337.21 crore in December 2021 up 11% from Rs. 303.78 crore in December 2020. Quarterly Net Profit at ... Read more »

MphasiS Consolidated December 2021 Net Sales at Rs 3,123.72 crore, up 26.24% Y-o-Y

Reported Consolidated quarterly numbers for MphasiS are: Net Sales at Rs 3,123.72 crore in December 2021 up 26.24% from Rs. 2,474.39 crore in December 2020. Quarterly Net Profit at Rs. ... Read more »

Rel Ind Infra Consolidated December 2021 Net Sales at Rs 16.39 crore, up 29.4% Y-o-Y

Reported Consolidated quarterly numbers for Reliance Industrial Infrastructure are: Net Sales at Rs 16.39 crore in December 2021 up 29.4% from Rs. 12.67 crore in December 2020. Quarterly Net Profit ... Read more »

PVR Consolidated December 2021 Net Sales at Rs 614.15 crore, up 1252.75% Y-o-Y

Reported Consolidated quarterly numbers for PVR are: Net Sales at Rs 614.15 crore in December 2021 up 1252.75% from Rs. 45.40 crore in December 2020. Quarterly Net Loss at Rs. ... Read more »

Bajaj Finserv Consolidated December 2021 Net Sales at Rs 17,586.74 crore, up 10.2% Y-o-Y

Reported Consolidated quarterly numbers for Bajaj Finserv are: Net Sales at Rs 17,586.74 crore in December 2021 up 10.2% from Rs. 15,958.53 crore in December 2020. Quarterly Net Profit at ... Read more »

Asian Paints Consolidated December 2021 Net Sales at Rs 8,527.24 crore, up 25.61% Y-o-Y

Reported Consolidated quarterly numbers for Asian Paints are: Net Sales at Rs 8,527.24 crore in December 2021 up 25.61% from Rs. 6,788.47 crore in December 2020. Quarterly Net Profit at ... Read more »

IDBI Bank Consolidated December 2021 Net Interest Income (NII) at Rs 2,389.07 crore, up 31.54% Y-o-Y

Reported Consolidated quarterly numbers for IDBI Bank are: Net Interest Income (NII) at Rs 2,389.07 crore in December 2021 up 31.54% from Rs. 1816.29 crore in December 2020. Quarterly Net ... Read more »

Vodafone Idea Consolidated December 2021 Net Sales at Rs 9,717.30 crore, down 10.8% Y-o-Y

Reported Consolidated quarterly numbers for Vodafone Idea Limited are: Net Sales at Rs 9,717.30 crore in December 2021 down 10.8% from Rs. 10,894.10 crore in December 2020. Quarterly Net Loss ... Read more »

Cyient Consolidated December 2021 Net Sales at Rs 1,183.40 crore, up 13.32% Y-o-Y

Reported Consolidated quarterly numbers for Cyient are: Net Sales at Rs 1,183.40 crore in December 2021 up 13.32% from Rs. 1,044.30 crore in December 2020. Quarterly Net Profit at Rs. ... Read more »

Century Consolidated December 2021 Net Sales at Rs 1,064.75 crore, up 38.32% Y-o-Y

Reported Consolidated quarterly numbers for Century Textiles and Industries are: Net Sales at Rs 1,064.75 crore in December 2021 up 38.32% from Rs. 769.77 crore in December 2020. Quarterly Net ... Read more »

Shoppers Stop Consolidated December 2021 Net Sales at Rs 958.11 crore, up 33.82% Y-o-Y

Reported Consolidated quarterly numbers for Shoppers Stop are: Net Sales at Rs 958.11 crore in December 2021 up 33.82% from Rs. 715.97 crore in December 2020. Quarterly Net Profit at ... Read more »

PNB Housing Fin Consolidated December 2021 Net Sales at Rs 1,495.38 crore, down 20.74% Y-o-Y

Reported Consolidated quarterly numbers for PNB Housing Finance are: Net Sales at Rs 1,495.38 crore in December 2021 down 20.74% from Rs. 1,886.67 crore in December 2020. Quarterly Net Profit ... Read more »

Biocon Consolidated December 2021 Net Sales at Rs 2,174.20 crore, up 17.46% Y-o-Y

Reported Consolidated quarterly numbers for Biocon are: Net Sales at Rs 2,174.20 crore in December 2021 up 17.46% from Rs. 1,851.00 crore in December 2020. Quarterly Net Profit at Rs. ... Read more »

Kajaria Ceramic Consolidated December 2021 Net Sales at Rs 1,068.23 crore, up 27.43% Y-o-Y

Reported Consolidated quarterly numbers for Kajaria Ceramics are: Net Sales at Rs 1,068.23 crore in December 2021 up 27.43% from Rs. 838.32 crore in December 2020. Quarterly Net Profit at ... Read more »

Yes Bank Consolidated December 2021 Net Interest Income (NII) at Rs 1,761.46 crore, down 31.22% Y-o-Y

Reported Consolidated quarterly numbers for Yes Bank are: Net Interest Income (NII) at Rs 1,761.46 crore in December 2021 down 31.22% from Rs. 2560.94 crore in December 2020. Quarterly Net ... Read more »

Reliance Consolidated December 2021 Net Sales at Rs 191,271.00 crore, up 54.25% Y-o-Y

Reported Consolidated quarterly numbers for Reliance Industries are: Net Sales at Rs 191,271.00 crore in December 2021 up 54.25% from Rs. 123,997.00 crore in December 2020. Quarterly Net Profit at ... Read more »

Bank of Mah Consolidated December 2021 Net Interest Income (NII) at Rs 1,527.19 crore, up 16.9% Y-o-Y

Reported Consolidated quarterly numbers for Bank of Maharashtra are: Net Interest Income (NII) at Rs 1,527.19 crore in December 2021 up 16.9% from Rs. 1306.36 crore in December 2020. Quarterly ... Read more »

Havells India Consolidated December 2021 Net Sales at Rs 3,664.21 crore, up 15.4% Y-o-Y

Reported Consolidated quarterly numbers for Havells India are: Net Sales at Rs 3,664.21 crore in December 2021 up 15.4% from Rs. 3,175.20 crore in December 2020. Quarterly Net Profit at ... Read more »

Daily Voice | Retail housing to get thrust in Budget 2022; government may also initiate some novel measures, says Joseph Thomas of Emkay Wealth

Joseph Thomas, Head of Research, Emkay Wealth Management Joseph Thomas, Head of Research at Emkay Wealth Management, says the budget is often seen as a trigger for the market to ... Read more »

Crypto.com users not able to access accounts after $34 million hack

After several users complained about issues with logging back to their accounts on Crypto.com after the platform was hit by a $34 million hack, its CEO Kris Marszalek has been ... Read more »

SEBI bars board meeting till action report filed in 4 weeks, PTC India Financial tells bourses

Corporate governance PTC India Financial Services (PFS) informed the bourses late on Sunday that the Securities and Exchange Board of India (SEBI) has asked it to not hold a board ... Read more »

Kerala Lottery Result: 'Win Win W-652' to declared today at 3 pm

Representative image Kerala Lottery Result January 24: The Kerala State Lottery Department will announce the winners of the ‘Win Win W-652’ lottery on January 24 at 3 pm. The result can ... Read more »

Cryptocurrency Prices Today : Bitcoin gains 1%, markets recover slightly after weekend crash

The global cryptocurrency market-capitalisation rose by 1.13 percent over the last 24 hours to $1.63 trillion, while the trading volume over the same period tumbled by 35.81 percent to $83.88 ... Read more »

The power and poison of modern monetary theory

When Democratic Senator Joe Manchin announced that he would not support the Build Back Better Act — effectively dooming US President Joe Biden's signature legislative initiative — he cited America's ... Read more »

Renault, Nissan, Mitsubishi to unveil 2030 EV plan this week

File image: The logo of the Renault Nissan Mitsubishi. (Image: Reuters) Renault SA, Nissan Motor Co and Mitsubishi Motors Corp plan to triple their investment to jointly develop electric vehicles (EVs), ... Read more »

Petrol, Diesel Prices Today on January 24: Check rates in Delhi, Mumbai and other cities

In Delhi, the petrol price remained unchanged and retailed at Rs 95.41 a litre. (Representative image) Petrol and diesel prices remained unchanged for the 80th day in a row on ... Read more »

Google lands in trouble over 'Deceptive' Pixel 4 radio ads

Tech giant Google has reportedly landed in legal trouble over ‘Deceptive’ Pixel 4 radio advertising. The company is being sued in Texas for radio advertising that aired from late October ... Read more »

Crisis-hit SpiceJet faces another test — a crucial payments dispute in Supreme Court

SpiceJet boss Ajay Singh is widely credited with turning around the airline when he took over the reins in 2015, but now faces one crisis after another. The Supreme Court ... Read more »

Alibaba, Tencent pace stock losses in Hong Kong amid global tech, crypto slump on policy risks

Chinese technology stocks tumbled in Hong Kong, tracking a slump in US peers and digital assets as traders turned cautious on policy tightening risks and the city recorded the most ... Read more »

Facebook declined to spin off Workplace app as $1-billion unicorn

Facebook (before it was rebrandeded as Meta) was approached by venture capitalists to spin off its Workplace app and make it a new company valued at over $1 billion. But ... Read more »

Deploy modified Put butterfly strategy in Nifty: Shubham Agarwal

After a great upside move for four consecutive weeks Nifty gave a halt to its rally last week. Nifty unable to sustain near its all-time high levels and crashed vertically ... Read more »

StanPlus, which offers 8-min ambulance service, raises $20 million

Health-tech startup StanPlus which promises 8-mins ambulance delivery to patients has raised $20 million in a combination of debt and equity, Series A round from healthcare venture capital firm HealthQuad ... Read more »

Hot Stocks | Here's why you should bet on Time Technoplast, HDFC for healthy returns in short term

Hot Stocks Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One The market had kicked off the last trading week on a positive note last Monday and it was followed by yet ... Read more »

Trade Spotlight | What should you do with Shoppers Stop, Sharda Cropchem, SPARC, Hitachi Energy and Bajaj Auto?

Trade Spotlight The market fell for the fourth consecutive session on January 21 as bears tightened their grip over Dalal Street. The BSE Sensex corrected more than 400 points to ... Read more »

Buzzing Stocks | RIL, ICICI Bank, Vodafone Idea and others in news today

Earnings Today | Axis Bank, HDFC Asset Management Companym Apollo Pipes, Apollo Tricoat Tubes, Burger King India, Cera Sanitaryware, Chennai Petroleum Corporation, Craftsman Automation, Deepak Nitrite, Greenpanel Industries, GRM Overseas, ... Read more »

Bring back MDR, appeals payments industry

The digital payment sector is seeking reintroduction of MDR (merchant discount rate) charges in the union budget as the absence of it is crippling the homegrown payment service providers while ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic