WhatsApp Gets Green Light From NPCI For Doubling Payment User Base, Telecom News, ET Telecom

Mumbai: Facebook-owned messaging platform WhatsApp has been licensed to double its user base for the payment service to 40 million by the National Payments Corporation of India (NPCI). WhatsApp has a total user base of 400 million and the development will help the platform better compete with established rivals like Google Pay and Phone Pe.

The US-based company had long considered the payment opportunity, but data localization requirements initially caused a delay.

This development comes at a time when concerns about the role of big tech companies in the financial sector are being voiced unequivocally by regulators.

A list of third-party apps on the NPCI website makes it clear that WhatsApp’s user base has been allowed to grow to 40 million. ICICI Bank, Axis Bank, HDFC Bank and SBI will act as the payment service provider (PSP) banks for WhatsApp, he said.

There are a total of 21 third-party application providers, including WhatsApp, that have been authorized to provide the payment service over the Unified Payment Interface (UPI), according to the NPCI website.

Reacting to the development, Manesh Mahatme, director of payments at WhatsApp India, said the company was eager to expand its user base.

“Since our initial approval of NPCI, we have worked to provide a simple, reliable and secure experience for WhatsApp users which we hope will accelerate UPI adoption for the next“ 500 million Indians ” “said Mahatme.

“Over the next 6 months we have planned major investments in WhatsApp payments – across India – including many other ‘India First’ features – which we are sure will accelerate our growth. “, he added.

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