Highlights
• A link to a FAQ page detailing the legal name requirement is included in the Meta-owned chat platform’s notification.
• WhatsApp Pay now provides cashback on purchases: How to quickly redeem.
WhatsApp is informing users that every transaction they make on WhatsApp Payments, the app’s UPI-based service, will now display their legal name. The name that appears is the same as the name on your bank account. WhatsApp stated in a FAQ that the requirement is set by NPCI and is intended to reduce fraud in the UPI payments system.
IN a FAQ, the company stated that “the name associated with your bank account will be shared.”
WhatsApp identifies your bank account through UPI using the phone number associated with your account.” In a FAQ, the company stated that “the name associated with your bank account will be shared.” The Meta-owned chat platform sends out a notification with a link to a FAQ page that explains the legal name requirement.
It should be noted that WhatsApp users can choose any name up to 25 characters in length and use it on the app.
Emojis are even used as names by some users. The National Payments Corporation of India (NPCI) has given WhatsApp permission to increase the number of WhatsApp Pay users from 40 million to 100 million. This provided the messaging platform with a starting point for developing products and marketing the service to customers.
With the NPCI approval, WhatsApp will be able to add 60 million users to its UPI service and compete with payment giants like Walmart-backed PhonePe and Google Pay, which control the majority of UPI transactions. The NPCI, on the other hand, has ensured that WhatsApp’s ability to skew the playing field is limited, given that the messaging app has over 500 million users, and allows it to offer UPI service to all of them at once could have an impact on competition.
WhatsApp Pay now provides cashback on purchases
WhatsApp’s integrated payment platform was announced years ago, but it hasn’t gained the traction that other UPI-based services like Google Pay, Paytm, and PhonePe have. WhatsApp is now using one of Google Pay’s old tricks – cashback – to attract new users to its payment feature. In a new campaign, WhatsApp Pay will reward users with Rs 11 if they send or receive money through the platform three times.
There is no minimum transaction amount, but users must transact with at least three different users to receive multiple rewards.
