National Payments Corporation of India has granted permission to the popular messaging platform WhatsApp to double its user base for the payments service to 40 million.

 

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The development will help WhatsApp which has a total user base of 400 million compete better with entrenched rivals like Google Pay and Phone Pe. WhatsApp had been eyeing the payments opportunity for a long, but data localization requirements had initially led to a delay. The development comes at a time when concerns over big tech firms' play in the financial sector are being expressed unequivocally by regulators. A list of third-party apps on the NPCI website clarifies that WhatsApp's user base has been allowed to be increased to 40 million. According to it, ICICI Bank, Axis Bank, HDFC Bank, and SBI will be serving as WhatsApp's payment service provider banks. According to the NPCI website, there are a total of 21 third-party application providers, including WhatsApp, which have been allowed to provide the service of payments on the Unified Payments Interface.

According to Manesh Mahatme, Director of payments, WhatsApp India, said that the company is looking forward to expanding its user base. According to him, WhatsApp has been working to deliver a simple, reliable, and secure experience for its users who will accelerate the adoption of UPI for the 'next five hundred million' Indians. he added that over the next 6 months, they have planned significant investments in payments on WhatsApp- across India – including many more 'India-first' features – that we are sure will accelerate WhatsApp’s growth.

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