Whatsapp to win approval to double payements offering to 40 million users in India According to Reuters. WhatsApp has received regulatory authorisation to quadruple the number of users on its payments service in India to 40 million, according to a source with direct knowledge.
The corporation had proposed that there be no limit on the number of people who might use its payment service in India.
NPCI on Whatsapp to win approval to double payements
Instead, the National Payments Corporation of India (NPCI) advised the company this week that it may expand the number of users to whom it could offer its payment service, which is now limited to 20 million, according to the source.
Facebook owns WhatsApp, which has lately changed its name to Meta.
In India’s congested digital market, WhatsApp competes with Alphabet’s Google Pay, SoftBank and Ant Group-backed Paytm, and Walmart’s PhonePe.
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Last year, the National Payments Corporation of India (NPCI) awarded WhatsApp permission to launch its payments service after the firm spent years trying to comply with Indian rules, including data storage requirements that require all payments-related data to be held locally.
According to the source, WhatsApp has nearly surpassed its 20 million user base for payment services. The source declined to be identified because the numbers are confidential.
India’s online transactions, loans, and e-wallet services are booming, thanks to a government campaign to get the country’s cash-loving merchants and consumers to switch to digital payments.