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WhatsApp Wins Double Payment Approval for 40 Million Users in India – Source

A man passing through a hoarding of WhatsApp applications installed on the Skywalk in Mumbai, India, August 26, 2021. REUTERS / FrancisMascarenhas / Files

November 26, 2021

By Aditya Kalra

New Delhi (Reuters) – WhatsApp has received regulatory approval to double the number of payment service users in India to 40 million, a source with direct knowledge told Reuters on Friday. rice field.

The company demanded that there should be no cap on users of payment services in India.

Instead, the National Payments Corporation of India (NPCI) said this week that it could double the user base it can offer payment services (currently limited to 20 million people).

WhatsApp is owned by Facebook, which recently renamed it Meta.

Given that WhatsApp’s messenger service has more than 500 million users in its largest market, India, sources said the new cap would still hinder the company’s growth prospects.

It was not clear when the new cap would come into effect.

WhatsApp did not immediately respond to the request for comment, but NPCI declined the comment.

WhatsApp competes with Alphabet Inc’s Google Pay, SoftBank and Ant Group-backed Paytm and Walmart’s PhonePe in India’s crowded digital market.

Last year, NPCI approved WhatsApp to launch a payment service after spending years complying with Indian regulations, including data storage standards that require all payment-related data to be stored locally.

WhatsApp has nearly reached the 20 million user base of payment services, sources said it wasn’t identified because the details are private.

In India, online transactions, lending and electronic wallet services are growing rapidly as the government encourages cash-loving merchants and consumers to adopt digital payments.

(Report by Aditya Kalra; edited by Susan Fenton)



WhatsApp Wins Double Payment Approval for 40 Million Users in India – Source

Source link WhatsApp Wins Double Payment Approval for 40 Million Users in India – Source

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