WhatsApp has decided to display the legal name of the user for transactions made using WhatsApp Pay.
WhatsApp has announced to its users that they are going to show the legal name of the user who made the payment each time using WhatsApp Payments. WhatsApp has decided to show the names of the users registered in the bank account. The public sometimes uses different names or nicknames on their UPI platforms.
WhatsApp has made this change to reduce the fraudulent practices that take place on UPI platforms.
“WhatsApp uses the phone number associated with your account to identify your bank account through UPI. The name associated with your bank account will no longer be shared,” WhatsApp said. Your legal name, like your bank account, is known to the sender or payee of WhatsApp's UPI-based site.
Previously, WhatsApp allows users to choose any name for their profile. It does not have to be their official name. Users can use their nicknames or add emojis next to their names on WhatsApp. But they are no longer the same.
Although users are not asked to change their profile name, WhatsApp's payment service will only display names based on their bank accounts when they select the WhatsApp payment feature.
As far as payment services are concerned, WhatsApp has recently received approval from the National Payments Authority of India (NBC I) to expand its WhatsApp Payment service to 40 million users in India.
What is the national Payments Authority of India (NBC I)
National Payments Corporation of India (N PCI), an umbrella organization for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Considering the utility nature of the objects of N PCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), to provide infrastructure to the entire banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.
The ten core promoter banks are State Bank of India, Punjab National Bank, Canada Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank Limited, HDFC Bank Limited, Citibank N. A., and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors. In 2020, new entities regulated by RBI were inducted, consisting of Payment Service Operators, payment banks, Small Finance Banks, etc. The shares were allotted under the issuance of equity shares on a private placement basis in compliance with the applicable provisions of the Companies Act, 2013.
Our Journey
N PCI, during its journey, has made a significant impact on the retail payment systems in the country. Dedicated to the nation by our former President, Sri Mukherjee, endorsed by the Prime Minister, Sri Narendra Modi, and later made the card of choice for the ambitious Pradhan Mantra Jan Dan Yojana, Ru Pay is now a known name.
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Ru Pay is an Indigenous Payment System – designed to meet the expectation and needs of the Indian consumer, banks, and merchant ecosystem. Ru Pay supports the issuance of debit, credit, and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India.
Ru Pay is well poised to explore innovative payment opportunities such as Contactless – offline and online to drive the adoption of low-value payments. All Ru Pay Cards will now have the functionality of NCMC which can enable low-value contactless payments (like transit, toll, parking, retail) using Offline technology.
The alliances with international network partners (Discover Financial Services, Japan Credit Bureau, and China Union Pay) provide valuable access to a global acceptance footprint and offer world-class payment solutions to Ru Pay cardholders.
IMPS
With Immediate Payment Service (IMPS), India has become the leading country in the world in real-time payments in the retail sector.
N ACH
National Automated Clearing House (N ACH), an offline web-based system for bulk push and pull transactions. N ACH provides an electronic mandate platform to register mandates, facilitating a paperless collection process for the corporates and banks. It provides for both account-based and Aadhaar based transactions.
A BPS
Aadhaar Payment Bridge (APB) System is helping the Government and Government agencies in making the Direct Benefit Transfers for various Central as well as State sponsored schemes.
APPS
To access these funds at the doorstep & drive financial inclusion in India, Aadhaar enabled Payment System (AEP) has been introduced. Since its inception, it has become instrumental to increase the accessibility of basic banking services in underserved areas. To extend the convenience of biometrics to merchant payments, BHI M Aadhaar has been launched by Prime Minister Narendra Modi.
NFS
National Financial Switch (NFS) is the largest network of shared Automated Teller Machines (ATMs) in India facilitating interoperable cash withdrawal, card to card funds transfer, and interoperable cash deposit transactions among other value-added services in the country.
UPI
Unified Payments Interface (UPI) has been termed a revolutionary product in the payment system.
Bharat Bill Payment System
Bharat Bill Payment System is offering a one-stop bill payment solution for all recurring payments with 200+ Billets in the categories Viz. Electricity, Gas, Water, Telecom, DT H, Loan Repayments, Insurance, Recharge, Cable, etc. across India.
WhatsApp decision to show users legal name
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