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NPCI approved WhatsApp payment services
Why is it in news?
- The social media giant WhatsApp unveiled a payments services in India.
Details:
- Whatsapp, owned by Facebook introdued the service after the approval by the National Payments Corporation of India (NPCI).
- WhatsApp had started testing its UPI-based payments system in 2018.
- Whatsapp payments services will compete with players such as Paytm, Google Pay, Amazon Pay and PhonePe.
About National Payments Corporation of India (NPCI):
- NPCI is an umbrella organisation for operating retail payments and settlement systems in India.
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
- It was established under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India ( for both physical as well as electronic payment and settlement systems.
- It has been incorporated as a “Not for Profit” Company under the provisions of Companies Act.
- Headquarter- Mumbai.