WhatsApp has over the years told National Payments Corporation of India (NPCI) that there should be no cap on users of its payments service in India, its biggest market. Meta Platforms’ WhatsApp has won regulatory approval to more than double the number of users on its payments service in India to 100 million, two sources familiar with the matter said on Wednesday.
As per a report by Reuters, the messaging app has more than 500 million users in India. WhatsApp has several times told NPCI to allow the messaging app to operate "without a cap". However, as per reports, the NCPI is of the opinion that if all the users of the messaging apps are allowed to send money to contacts using payment services, it would put pressure on the country's financial services.
WhatsApp, the most popular smartphone app in India, initially rolled out its payments service in India in 2020, but the Meta-owned service has struggled to expand the offering to a larger base in India because of confusing regulatory pushback. The NPCI has insisted that WhatsApp rolls out the payments service in step-by-step phases, a person familiar with the matter said, even as no other company has had to comply with a similar order.
WhatsApp competes with Alphabet’s Google Pay, SoftBank and Ant Group-backed Paytm and Walmart’s PhonePe in India’s crowded digital market.
Online transactions, lending and e-wallet services have been growing rapidly in India, led by a government push to make the country’s cash-loving merchants and consumers adopt digital payments.
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