WhatsApp has won regulatory approval to increase its payments service user base to 40 million in India according to a report by Reuters. The company had requested that there should be no cap on users of its payment service in the country.
According to the report, the National Payments Corporation of India (NPCI) earlier this week told WhatsApp that it could double the user base that it can offer its payment service to. Currently, the company was restricted by NPCI to offer the service to only 20 million people.
To cast your vote for other categories click here
While the company has been granted an increase in the number of users it can offer its service to, this will still act as a major hindrance. The company will face an issue as India is one of its biggest markets with more than 500 million users.
The report does not mention when the new cap would come into effect.
According to the report WhatsApp has almost reached its current cap of 20 million users for its payment service. Due to which this extension will come in handy.
To recall, NPCI gave WhatsApp approval to start its payments service last year. This is after years of complying with Indian regulations, including data storage norms that require all payments-related data to be stored locally.
The company competes with multiple other digital payments services in the country including Google Pay, Paytm, PhonePe, Mobikwik and more.
In other news, WhatsApp recently introduced a new feature that will let users create their own stickers within the app. The Meta-owned app hasn’t shared any specifics on the availability of the custom sticker tool on mobile platforms. The custom sticker maker feature is currently rolling out for WhatsApp Web, however, it will be made available on WhatsApp for Desktop in the coming week.
The post WhatsApp allowed to double its payments service user base by NPCI: Report appeared first on BGR India.