WhatsApp Gets Permit to Expand Indian Payments Service to 100 million users-sources
WhatsApp has won approval to expand Indian Payments services to 100 million users-sources. The platform has won the regulatory approval to more than double the number of users of its payments service in India.
Highlights
- WhatsApp told NCPI to remove the cap on users of its payments service in India.
- Now the number of users can increase from 40 million to 100 million.
- WhatsApp didn’t comment on the request for comment.
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The Meta’s platform WhatsApp has won the regulatory approval to more than double the number of users for payment options in India. On Wednesday, two sources familiar with the matter told the tech media company.
Earlier WhatsApp requested the National payments corporation of India (NCPI) that the authority not imposed any cap on users of its payments service in India. India has known as the biggest market for the Platform WhatsApp.
The authority NCPI told the Company that it can increase the number of users from 40 million to 100 million for the payment option. Where the nation’s authority has confirmed the development in a statement given to Reuters but the giant social media company WhatsApp has did not immediately respond to a request for comment.
The news of increasing the number of users for the payments made on WhatsApp is acting as a relief for the company but the new cap could still limit WhatsApp’s growth prospects given it has more than 500 million users in India.
As per the information from internal sources, the company WhatsApp said many times to NCPI to allow its service without having a cap but the authority has not allowed the social media company in a view that allowing companies services for transactions and payments could strain the financial infrastructure.
Now WhatsApp is competing with leading payment companies like Google Pay, Softbank, Ant Group-backed Paytm (Payt. NS) and PhonePe in India’s crowded digital market.
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