WhatsApp Gets Permission For Digital Payment In India
The National Payments Corporation of India, or NPCI, said late Thursday that WhatsApp can bring the service to a maximum of 20 million users (previously one million since February 2018). Credit Suisse said in a 2018 research note that digital payments in India should rise nearly five times to $1 trillion by 2023.
“I’m excited to share today that WhatsApp has been approved to launch payments across India,” Facebook Chief Executive Mark Zuckerberg said. The free service allows users to send money to one another like sending a chat.
WhatsApp competitors in this market are Alphabet Inc.’s Google Pay (67 million monthly active users), Walmart Inc.’s PhonePe (100 million monthly active users) and Paytm (150 million monthly active users),a local company.
Facebook is desperate to expand in India, the only other country than China with more than one billion people. Facebook announced it was spending $5.7 billion on a partnership with an Indian telecom operator (Owned by billionaire Mukesh Ambani, India’s richest man).
This could be a big step into recouping on the purchase of Whatsapp for $22 Billion.