WhatsApp Gets Green Light From NPCI For Doubling Payment User Base, Telecom News, ET Telecom
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.
âSince 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 nextâ 500 million Indians â “said Mahatme.
âOver 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.