WhatsApp is owned by Facebook, which not too long ago modified its identify to Meta. (Representational)
WhatsApp has received regulatory approval to double the variety of customers on its funds service in India to 40 million, a supply with direct information informed information company Reuters on Friday.
The firm had requested that there ought to be no cap on customers of its fee service in India.
Instead, the National Payments Corporation of India (NPCI) this week informed the corporate it might double the consumer base to which it could actually provide its fee service – at the moment restricted to twenty million – the supply stated.
WhatsApp is owned by Facebook, which not too long ago modified its identify to Meta.
The supply stated the brand new cap would nonetheless hinder the corporate’s development prospects on condition that WhatsApp’s messenger service has greater than 500 million customers in India, the corporate’s largest market.
It was not clear when the brand new cap would come into impact.
WhatsApp didn’t instantly reply to a request for remark, whereas the NPCI declined to remark.
WhatsApp competes with Alphabet Inc’s Google Pay, SoftBank- and Ant Group-backed Paytm and Walmart’s PhonePe in India’s crowded digital market.
The NPCI gave WhatsApp approval to start out its funds service final yr after the corporate spent years attempting to adjust to Centre’s rules, together with information storage norms that require all payments-related information to be saved domestically.
WhatsApp has virtually reached its consumer base of 20 million for fee providers, stated the supply, who declined to be recognized as the small print are non-public.
Online transactions, lending and e-wallet providers have been rising quickly within the nation, led by a authorities push to make the nation’s cash-loving retailers and customers undertake digital funds.