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‘WhatsApp wins approval to broaden Indian funds service to 100 million customers’ – Instances of India

NEW DELHI: Meta Platforms Inc’s WhatsApp has received regulatory approval to extra double the variety of customers of its funds service in India to 100 million, two sources accustomed to the matter advised Reuters on Wednesday.
WhatsApp has over time advised National Payments Corporation of India (NPCI) that there must be no cap on customers of its funds service in India, its largest market.
As an alternative, the NPCI advised the corporate on Wednesday it could possibly enhance the variety of customers to 100 million from 40 million at the moment, the sources mentioned.
WhatsApp didn’t instantly reply to a request for remark. The NPCI confirmed the event in an announcement to Reuters.
Although the relief will come as a aid, the brand new cap may nonetheless restrict WhatsApp’s development prospects given it has greater than 500 million customers in India.
WhatsApp has advised the NPCI a number of instances it desires to function “with no cap”, however privately the NPCI is of the view that permitting all its customers to entry the funds service – built-in with the app and permitting contacts to ship one another funds – may pressure the nation’s monetary infrastructure, mentioned one of many sources.
The NPCI gave WhatsApp approval to launch the funds service in 2020 after the corporate spent years attempting to adjust to Indian rules, together with knowledge storage norms that require all payments-related knowledge to be saved regionally.
It began with 20 million customers and the cap was elevated to 40 million in November final yr. learn extra
WhatsApp competes with Alphabet Inc’s Google Pay, SoftBank- and Ant Group-backed Paytm and Walmart’s PhonePe in India’s crowded digital market.
On-line transactions, lending and e-wallet providers have been rising quickly in India, led by a authorities push to make the nation’s cash-loving retailers and customers undertake digital funds.

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