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WhatsApp wins approval to double payments offering to users
November 29, 2021
WhatsApp has won regulatory approval to double the number of users on its payments service in India to 40 million, a source with direct knowledge told Reuters on November 26.
The organization had mentioned that there should be no cap on users of its payments service in India.
All things considered, the National Payments Corporation of India (NPCI) this week told the organization it could double the client base to which it can offer its payments service currently restricted to 20 million, the source said.
WhatsApp is owned by Facebook, which as of late changed its name to Meta.
The source said the new cap would still hinder the organization’s growth possibilities given that WhatsApp’s messenger service has more than 500 million clients in India, the organization’s biggest market.
It was not clear when the new cap would come into effect. WhatsApp didn’t immediately respond to a request for comment, while the NPCI declined to comment.
WhatsApp competes with Alphabet Inc’s Google Pay, SoftBank and Ant Group backed Paytm and Walmart’s PhonePe in India’s crowded digital market.
The NPCI gave WhatsApp approval to start its payments service last year after the organization spent years trying to comply with Indian regulations, including data storage norms that required all payments related information to be stored locally.
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