The recent launch of WhatsApp Pay, the new payment service is creating discomfort among local payment services in the country, including Paytm. Paytm founder and CEO Vijay Shekhar Sharma took to Twitter to state how this new feature would kill the “open UPI system with its custom close garden implementation.”
The recent launch of WhatsApp Pay, the new payment service is creating discomfort among local payment services in the country, including Paytm. Paytm founder and CEO Vijay Shekhar Sharma took to Twitter to state how this new feature would kill the “open UPI system with its custom close garden implementation.”
In conversation with Economic Times, Vijay Shekhar Sharma said, “Facebook is openly colonising our payment system and is customising UPI to their benefit. UPI was built as an India Stack, now some American monopoly arm-twists UPI for customer implementation.” India Stack, is a basic set of codes which have been developed around Aadhaar, and can be used to develop digital solutions.
He also added, “Microsoft did this to open web standards. WhatsApp is doing this to UPI, openly in front of everyone.” Sharma will reportedly petition to the National Payments Corporation of India (NPCI), which developed UPI, asking for a level-playing field for all payments service providers.
Additionally, Vice President of business development for Facebook-owned WhatsApp, Neeraj Arora, resigned from the board of directors of Paytm’s parent One97 Communications.
According to the report, the National Payments Corporation of India (NPCI) had asked WhatsApp to restrict its peer-to-peer payments service to only 1 percent of its more than 200 million users in India and adhere to all the procedural guidelines of the UPI.
However, domestic players believe that companies such as Google and WhatsApp have been granted exceptions and flexibility to get them on board the UPI platform while they have been compelled to follow all guidelines.
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