NPCI let WhatsApp go live on UPI after full compliance, RBI to SC
The Reserve Bank of India has told the Supreme Court that the National Payment Corporation of India (NPCI) allowed WhatsApp to go live on UPI only after ensuring it was fully compliant with its circular.IANS | Jan 29, 2021, 03:46PM IST
New Delhi: The Reserve Bank of India has told the Supreme Court that the National Payment Corporation of India (NPCI) allowed WhatsApp to go live on UPI only after ensuring it was fully compliant with its circular.
The central bank also stressed the onus is on the NPCI to respond on the status of compliance of WhatsApp, Google and Amazon with the system rules/procedural guidelines governing the Unified Payments Interface (UPI).
Financial operations of Facebook, Google, Amazon regulated: RBI, Sebi tell Delhi High Court
RBI said the decision to allow an entity to operate on UPI is solely taken by the NPCI, which has framed the system rules, guidelines, and procedures governing the UPI payment system.
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The
Reserve Bank of India has informed the Delhi High Court that operations of tech-fin firms, including
Facebook, Google, and Amazon in India s financial sector space are being regulated under the relevant laws, and they have been permitted to function only after necessary compliances.
A similar stand has been taken by markets regulator
Securities and Exchange Board of India, which said that there are already adequate provisions in place, providing mandatory registration for any entity entering into the securities market.
NPCI let WhatsApp go live on UPI after full compliance, RBI to SC
Sumit Saxena (IANS)
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The Reserve Bank of India has told the Supreme Court that the National Payment Corporation of India (NPCI) allowed WhatsApp to go live on UPI only after ensuring it was fully compliant with its circular.
The central bank also stressed the onus is on the NPCI to respond on the status of compliance of WhatsApp, Google and Amazon with the system rules/procedural guidelines governing the Unified Payments Interface (UPI).
In an affidavit, the RBI said: NPCI is the system provider of UPI and, therefore, comes under the regulatory radar of the RBI. Since it was NPCI that allowed Amazon, Google and WhatsApp to operate under UPI, the responsibility to ensure that these entities comply with all the rules/regulations/guidelines governing UPI lies with the NPCI.
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Representative image.
Currently, there are 165 banks listed on the BHIM UPI platform, according to the information available on the NPCI website. The organisation says that the upgradation process will take place for the next few days from 1 AM - 3 AM.
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Customers using UPI (or Unified Payments Interface) for online transactions may face errors between 1 AM to 3 AM IST for the next few days as the National Payment Corporation of India (NPCI) is upgrading its digital payment platform. The development essentially means that users who are transacting through the UPI gateway via BHIM or third-party apps such as Google Pay, Paytm and PhonePe may face inconvenience between the allotted time period. The NPCI has not specified the exact days for the upgradation process,
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PhonePe clocked 902.03 million user-initiated transactions in December which amounted to a value to Rs 182,126.88 crore. Google Pay slipped into second position, with 854.49 million customer-initiated transaction volume valued at Rs 176,199.33 crore.
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It has been a fairly long battle between digital payment apps Google Pay and PhonePe saw a new winner in December, with PhonePe taking the lead in the monthly UPI transactions. This comes after months of what has been av very close fight for supremacy between PhonePe and Google Pay, as digital payments continue to remain in focus in India. According to the latest numbers by the National Payments Corporation of India (NPCI), PhonePe clocked 902.03 million user-initiated transactions in December which amounted to a v