WhatsApp, a popular messaging platform have issued a notification for their UPI (Unified Payments Interface) customers. Now, UPI Customers have to put their legal names on WhatsApp profiles for using its payments system.
WhatsApp has started identifying the “legal” name of their UPI customer to stop the payment frauds. The UPI Customer profile name must be match with the real bank account name which is connected to the phone number. When a UPI customer will send or receive a payment to another customer via WhatsApp, a real WhatsApp name will be displayed to the customer.
When a UPI customer will use their real bank account name on WhatsApp, Fraudulent payment cases will automatically decrease. WhatsApp has taken this decision after the National Payments Corporation of India (NPCI) has issued a notification to all the UPI companies to take strict action against UPI frauds.
How does WhatsApp Identify the “Legal” Name of its Customer?
WhatsApp says when a user uses their real name with a phone number, they will easily identify their bank account with the associated phone number. After identifying the real name and associated bank account, WhatsApp will share the real information with other UPI customers during the payments process.
You can choose up to 25 characters in your profile name including emoji before this update if you are using UPI payments. Now, you have to use your real bank account name on your WhatsApp profile while users who are not using the UPI system can choose their preferred name. For further UPI payment information, you can check the WhatsApp FAQ page.
WhatsApp Payment System in India
WhatsApp Payment Beta Version was launch in India in 2018 and it had come out from beta in November 2020. After launch a real payment system, WhatsApp had start putting lots of effort into growing its UPI payment system in India.
In April, WhatsApp got NPCI approval to expand its UPI system to 100 million users. Now, the company is offering cashback to those users who are using its UPI system.
WhatsApp Payment system is available in limited countries globally. You can use its payment system on specific devices. A WhatsApp user can easily send and receive money from their relatives, friends, and family members. The company says they will expand their payment business in other countries in near future.