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100 Million Users Will Be Able To Use WhatsApp Payment Service In India

WhatsApp competes with Google Pay (GOOGL.O), Paytm (PAYT.NS), and Walmart’s (WMT.N) PhonePe in India’s crowded digital market.

100 Million Users Will Be Able To Use WhatsApp Payment Service In India

According to two persons familiar with the case, Meta Platforms Inc’s (FB.O) WhatsApp has received authorisation to increase the amount of end users of its payments service in India to 100 million.

Over the years, WhatsApp has persuaded the National Payments Corporation of India (NPCI) that there should be no limit on how many people are using its payments service in India, its largest market. According to the reports, the NPCI advised the corporation on Wednesday that it could raise the number of subscribers to 100 million from the previous 40 million.

WhatsApp never responded to a request for comment right away. In a statement to Reuters, the NPCI acknowledged the developments. Even though a reprieve is welcome, the current boundaries may still hinder WhatsApp’s expansion potential in India, with more than 500 million users.

WhatsApp has told the NPCI several times that it wants to do business “without a cap.” Still, one of the publications said that letting all of its access to social media to the payments system – which is incorporated with the platform and allows contacts to send money to each other – could cause a burden on the country’s financial facilities.

The NPCI accorded WhatsApp authority to start the remittance service in 2020, after years of working to follow Indian standards, mainly information storage rules that demand all payments-related information to be maintained domestically. It started with a 20 million user cap, which was increased to 40 million in November of last year.

WhatsApp competes with Google Pay (GOOGL.O), Paytm (PAYT.NS), and Walmart’s (WMT.N) PhonePe in India’s crowded digital market. Online transactions, loans, and e-wallet services are expanding in India, thanks to a legislative initiative to encourage cash-loving consumers and merchants to switch to electronic payments.

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