WhatsApp reportedly gets approval to expand Pay to 40 million users in India
WhatsApp has received regulatory approval from the National Payments Corporation of India (NPCI) to expand its WhatsApp pay payment service in India to 40 million users, reports Reuters.
Based on the Unified Payment Interface (UPI) platform, WhatsApp Pay is currently limited to 20 million users in India, and the good news is that WhatsApp may not be so happy when it gets approval from NPCI to double the number of users. Approval since the company had requested to remove the cap completely.
Because the current allowed limit is only 8% of WhatsApp's 500 million-strong user base in India. Allowing or completely removing a high cap would enable WhatsApp to reach more people in Asian countries to use its payment services as well as give digital payment services a tough competition with Google Pay, PhonePe and Paytm which are equally popular in WhatsApp's largest market.
WhatsApp, owned by Meta (formerly called Facebook), launched beta testing of WhatsApp Pay in India in February 2018 and officially launched it last November. The only other country where WhatsApp's payment service is live is Brazil - it is the second largest market in the world.