The National Payments Corporation of India (NPCI) has approved an additional 60 million users on UPI for the Facebook-owned messaging platform WhatsApp.
This approval for WhatsApp will help it expand the service to its 100 million users.
It has a total user base of around 400 million and this approval will help the platform better compete with strong rivals like Google Pay, Soft Bank- and Ant Group-backed Paytm and Walmart’s PhonePe.
According to the NPCI website, there are a total of 25 third-party application providers, including WhatsApp, that have been allowed to make payments on the Unified Payments Interface (UPI).
Major banks like ICICI Bank, Axis Bank, HDFC Bank and SBI will act as Payment Service Provider (PSP) banks for WhatsApp.
“Since our initial approval from NPCI, we have been working to deliver a simple, reliable, and secure experience for WhatsApp users that we hope will accelerate adoption of UPI for the ‘next five hundred million’ Indians”, said, Manesh Mahatme, the director of payments at WhatsApp India.
“Over the next 6 months, we have planned significant investments in payments on WhatsApp- across India – including many more ‘India-first’ features – that we are sure will accelerate our growth,” he added.
The National Payments Corporation of India (NPCI) runs the Unified Payments Interface (UPI), which is used for real-time payments while making purchases between peers or merchants.
Earlier, WhatsApp had told NPCI that there should be no limit on users of its payment service in India, which is the largest market.
In 2020, NPCI approved WhatsApp to launch a payment service. WhatsApp started with 20 million users and the cap increased to 40 million in November last year.
Online transactions, lending, and e-wallet services are growing rapidly in India, with the government leading the country’s cash-savvy merchants and consumers to adopt digital payments.
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