WhatsApp gets Approval to Double Payments in India | 2YODOINDIA

WhatsApp gets Approval to Double Payments in India

WhatsApp has won regulatory approval to double the number of users on its payments service in India, as per reports. WhatsApp had requested that there should be no cap on users of its payment service in India.

The National Payments Corporation of India (NPCI) this week told WhatsApp it could double the user base to which it can offer its payment service – currently restricted to 20 million – as per source.

The source said the new cap would still hinder the company’s growth prospects given that WhatsApp’s messenger service has more than 500 million users in India.

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

WhatsApp did not immediately respond to a request for comment, while the NPCI decline to comment.

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

The NPCI gave WhatsApp approval to start its payments service last year after the company spent years trying to comply with Indian regulations, including data storage norms that require all payments-related data to be store locally.

WhatsApp has almost reache its user base of 20 million for payment services, as per source, who decline to be identified as the details are private.

Online transactions, lending and e-wallet services have been growing in India, led by a government push to make the country’s cash-loving merchants and consumers adopt digital payments.

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