As reported a few days back that the messaging giant Whatsapp has launched digital transaction services on its app, Paytm founder Vijay Shekhar Sharma is not happy with the move and said he will approach the National Payments Corporation of India (NPCI), which has developed the UPI system, and even higher authorities to highlight this issue.
WhatsApp, which is owned by Owned by Facebook, claims a monthly user base of 200 million in India and its entry into the country’s digital payment space threatens to upend the pecking order.
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.”
Paytm founder added that lack of a login makes WhatsApp payments a security risk, akin to giving an “open ATM” to everyone.
He asked: “How can you give such a security risk just in the name of underwriting that banks have given. WhatsApp is used by gullible Indian consumers far more than any other application in this country.”
He also questioned the fact that WhatsApp was allowed to start a pilot with lakhs of customers, while it should have been with 5,000-10,000 customers.
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.”
Paytm founder added that lack of a login makes WhatsApp payments a security risk, akin to giving an “open ATM” to everyone.
He asked: “How can you give such a security risk just in the name of underwriting that banks have given. WhatsApp is used by gullible Indian consumers far more than any other application in this country.”
He also questioned the fact that WhatsApp was allowed to start a pilot with lakhs of customers, while it should have been with 5,000-10,000 customers.
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