The National Payments Corporation of India (NPCI)has lifted the client onboarding restrain for WhatsApp Pay, permitting the stage to amplify UPI administrations to its whole client base over the country.

NPCI had already expanded the limit to 100 million clients for WhatsApp Pay in November 2022. With the evacuation of these confinements, WhatsApp Pay presently has the green light to offer UPI administrations to millions of clients in India, which is expected to exceed 500 million.

WhatsApp Pay will proceed to work in line with all existing UPI guidelines and regulations applicable to Third Party App Providers (TPAPs). As of November, WhatsApp positioned 11th among UPI apps in terms of the number of exchanges. The Meta-owned company recorded 51.76 million exchanges worth Rs 3,890.10 crore final month.

Meanwhile, NPCI has too reported an expansion of the compliance timeline for TPAPs surpassing the volume cap in UPI. The due date has been expanded by two a long time, until December 31, 2026.

This expansion considers different operational components influencing existing TPAPs that outperform the stipulated limit. The choice gives extra time for TPAPs to adjust with the regulatory framework without disrupting administrations for users.

Currently, PhonePe is the best UPI application with about 48% advertise share by volume, taken after by Google Pay and Paytm, with 37% and 7% advertise share, respectively.

This is the third important choice for UPI in the past week. On December 27, the Reserve Bank of India (RBI)permitted holders of full-KYC Prepaid Payment Instruments (PPIs) to conduct UPI exchanges through third-party applications.

source: entrackr.