Paytm founder cries foul in WhatsApp UPI payment form

Paytm founder cries foul in WhatsApp UPI payment form”

Four banks will join United Payments Interface (UPI)-which powers the payments service-for WhatsApp, NPCI said.

The statement was a defence against allegations levelled by Paytm founder Vijay Shekhar Sharma of NPCI supporting messaging app WhatsApp during the beta launch of its Unified Payments Interface -based payments service.

UPI is a real-time payments system developed by the National Payments Corporation of India (NPCI) that enables digital transactions between banks.

Launching a scathing attack on Facebook, founder of Paytm Vijay Shekhar Sharma on Friday said that the social media site is the "most evil" company in the world. Killing handsome open UPI system with its custom close garden implementation.

Sharma had been an active opponent of Facebook's Free Basics plan, which threatened to kill Net Neutrality in India.

Sharma took to Twitter to express his thoughts about WhatsApps latest payments feature, accusing parent company Facebook of killing the open UPI system by launching the feature. Sharma asserted "It is not at all about being protectionist".

WhatsApp Payments, even though still in beta, doesn't support QR Code scans to make a payment. Those include the Aadhaar number - a 12-digit individual identification number issued by the Unique Identification Authority of India, serving as proof of identity and address anywhere in India; a mobile number; or a virtual payments address.

I hope full obligation of BHIM like security and tx data sovereignty too will be implemented before full launch.

Responding to the NPCI statement, a Paytm spokesperson has said that it addresses their concerns of inter-operability violation, "though we feel that a product with the stated violations could have been tried out amongst a much smaller base".

WhatsApp was yet to issue a statement regarding these queries. "For now, we have kept all our options open and will go to the regulator highlighting the blatant flouting of regulations by WhatsApp", he said. The famous messaging application now lets the users in India send and receive money via UPI.

The WhatsApp payment service uses two-factor authentication.

India is the largest market for the messaging app. NPCI MD & CEO Dilip Asbe did not offer any comment on Paytm's allegations.

"There has been no unfair advantage provided to WhatsApp or for that matter to Google. You will soon see Mobikwik add UPI", he said. The peer to peer payment option uses UPI-based method for the transfer of funds.

Mobikwik CEO Bipin Preet Singh posted a series of tweets.

WhatsApp's entry into India's crowded online payments ecosystem has set off a public spat among the homegrown players.

As per Sharma, Whatsapp's payment system is like an "open ATM" to everyone.

WhatsApp Payments isn't ideal, but the company is just rolling out the feature.

This strategy worked for Patanjali and wonder if it will work for payment companies.

"There is clear record of private companies who got access first and exclusively when UPI was launched".

Paytm, owned by One97 Communications Ltd, has grown exponentially over the a year ago or so. With UPI, banks wanted to compete with wallets. The government, through its own UPI app, has been promoting digital payments since it announced demonetisation in November 2016.

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