According to Reuters, WhatsApp has received regulatory authorization to quadruple the number of users on its payments service in India to 40 million, according to a source with direct knowledge.
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The corporation had proposed that there be no limit on the number of people who might use its payment service in India.
Instead, the National Payments Corporation of India (NPCI) advised the business 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. Given that WhatsApp’s messaging service has more than 500 million users in India, the company’s largest market, the new cap, according to the source, would still stifle the company’s development possibilities.
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When the new cap would go into effect was unclear.
A request for comment from WhatsApp was not immediately returned, and the NPCI declined to comment. In India’s congested digital market, WhatsApp competes with Alphabet’s Google Pay, SoftBank and Ant Group-backed Paytm, and Walmart’s PhonePe.
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 since 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.