New Delhi. There is good news for both WhatsApp’s company Meta and WhatsApp users. Till now limited WhatsApp was able to reach its payment service to only a few users, but now it has got green signal to increase its business or say user base. The National Payment Corporation of India (NPCI) on Wednesday allowed WhatsApp to reach 100 million users.
Let us tell you that after this permission, WhatsApp will be able to add 60 million new users to its user base, which will give speed to business, as well as more users will also be able to transact with each other through WhatsApp payments. . Till now, the service of WhatsApp payment had reached only 40 million users.
The story of limited users of WhatsApp Payments
In November 2020, NPCI allowed WhatsApp to enter the multi-bank model based UPI. Then WhatsApp was asked to start with a maximum of 20 million users. A year later, NPCI had given permission to double this number to 40 million.
According to a report in The Live Mint, WhatsApp was running the UPI-based payment system WhatsApp Pay with only 1 million users in its beta mode since 2018. The main reason for this was the policy of data localization of the Reserve Bank of India, meaning the policy of setting up data centers in the country itself. After WhatsApp fulfills all the terms and conditions of the policy, NPCI informed the Reserve Bank that it is satisfied that WhatsApp has complied with the data storage norms and the service can be made live.
Far behind Phone Pay and Google Pay
Since WhatsApp had very few users, its number of transactions has also been very less. If we talk about March, there have been 2.54 million transactions on WhatsApp, in which transactions of Rs 239.78 crore have taken place. In the same time period, there have been 1.8 billion payment transactions on Google Pay and 2.5 billion payment transactions on Phone Pay. Now as WhatsApp expands its service, the two big platforms PhonePe and Google Pay are likely to get a tough competition.