The National Payments Corporation of India (NPCI) has given permission to WhatsApp, a messaging application, to increase the number of its customers in the payment service. The number of customers can be increased to four crores.
WhatsApp has asked the authorities to remove the limit on the number of people who can use their payment service. Currently, WhatsApp payments are limited to 20 million users. In this case, WhatsApp was limited to promoting the payment service and attracting customers.
NPCI plans to double the number of customers considering WhatsApp’s request. Although the permission was granted, the authorities did not accept the demand for an exception.
The requirement of 40 million users is also a big hurdle for WhatsApp. WhatsApp has over 50 crore subscribers in India. Although the payment service was introduced to a large segment of these customers, the payment service was unable to gain popularity due to NPCI regulations.
Google Pay has over 70 million subscribers in India. PhonePay has 28 crore customers. It is unknown at this time what he will do after leaving the post. According to WhatsApp, they have already managed to gain close to two crore customers.
Last year the NPCI allowed WhatsApp to launch payment services. Permission was granted after years of procedures to comply with India’s requirements.
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