WhatsApp has received 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 Friday. The company had requested that there should be no limit on users of its payment service in India.
instead of this, National Payments Corporation of India ,NPCI) told the company this week to double the user base to which it can offer its payments service – currently 20 million. restricted to – said the source.
The source added that the new limit would still hamper the company’s growth prospects, as WhatsApp’s messenger service More than 500 million users in India, the company’s largest market.
It was not clear when the new limit would go into effect.
WhatsApp did not immediately respond to a request for comment, while NPCI declined to comment.
The NPCI had last year approved WhatsApp to launch its payments service after the company spent years trying to comply with Indian regulations, including data storage norms that allow all payment-related data to be stored locally. is required.
The source, who declined to be identified as the details, said WhatsApp has reached nearly 20 million of its user base for paid services, which are private.
Online transactions, lending and e-wallet services are growing rapidly in India, led by the government to drive the country’s cash-savvy merchants and consumers to adopt digital payments.
© Thomson Reuters 2021