WhatsApp is telling users that their legal name will now be shown for every transaction they make on WhatsApp Payments, the app's UPI-based service. The displayed name will be the same as the name on your bank account. According to a FAQ released by WhatsApp, the criteria are mandated by NPCI and are intended to reduce fraud across the UPI payments system.
"With UPI, WhatsApp utilizes the phone number connected with your account to identify your bank account." "The name linked with your bank account will be shared," the business stated in a FAQ. The Meta-owned chat platform's message includes a link to a FAQ page that clarifies the legal name requirement.
It should be remembered that WhatsApp users can choose any name up to 25 characters long and use it on the app. Several users even call themselves emojis.
This comes as WhatsApp gained approval from the National Payments Corporation of India (NPCI) to increase its WhatsApp Pay user base to 100 million from 40 million. This provided a particular threshold for the messaging platform to begin developing products and marketing the service to users.
As a consequence of the NPCI approval, WhatsApp will be able to add 60 million users to its UPI service and compete with payment giants such as Walmart-backed PhonePe and Google Pay, which control the majority of UPI transactions.
The NPCI, on the other hand, has guaranteed that WhatsApp's capacity to distort the level-playing field is limited, considering that the messaging app has over 500 million users and allows it to offer UPI service to all users at once might harm competition.
Meanwhile, the business gave three Rs 11 cashback for the first three UPI payments made to distinct contacts using its app.