NEW DELHI : 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 Friday.Instead, the National Payments Corporation of India this week told the company it could double the user base to which it can offer its payment service - currently restricted to 20 million - the source said.
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 company spent years trying to comply with Indian regulations, including data storage norms that require all payments-related data to be stored locally.
WhatsApp has almost reached its user base of 20 million for payment services, said the source, who declined to be identified as the details are private. Online transactions, lending and e-wallet services have been growing rapidly in India, led by a government push to make the country’s cash-loving merchants and consumers adopt digital payments.
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