On Friday, it was reported Reuters that around forty million users will now be allowed in India for having Payment Services On WhatsApp. This number of users has now been doubled than before by winning approval from the regulators of Whatsapp.
In India, the payment services that will be provided within India will not have any additional cap. Such a request was made by the company and is likely to happen.
It was stated in one of the sources that previously the users were limited to an amount of twenty million, but now, after the approval of stretching it to forty million, which is double than before, the payment services can be allowed for the new users. The company was given this opportunity this week through the NPCI or the National Payments Corporation of India. With this approval, it would soon start its services.
From now onwards, ‘Meta’ will be the new name of Facebook, and it is the one to own Whatsapp too.
The biggest market is formed by Whatsapp within India. There are about five hundred million users inside India since it is a popular app there for chatting, sending files, calls, and video calls. The company might face some setbacks in its growth with this new idea and new cap services since people might not like this new idea.
They have been comfortable using the app for connecting with people more than for business, but with this new approach of the company, many might stop using the app and switch to some other app that only provides connecting services with family and friends.
The company is still deciding on when to make this new cap official and introduce it to the users of the app. No statements or comments have been given by the National Payments Corporation of India NCIP, and they have repeatedly declined to comment on it.
Similarly, there was no response from Whatsapp, too, when asked about this new idea.
The digital market in India has been full of customers and users who are looking for the PhonePe of Walmart, Payt that is backed by the Ant Group, SoftBank, Google Pay, and Alphabet Inc’s. Within all this hype, it will be hard for Whatsapp to compete through its new business digital market setup.
The storage of the data related to all sorts of payments are required to be done by following certain norms and rules. These rules and regulations in India are strictly being focused on and followed by the company throughout the years. This is the reason that Whatsapp has gained enough trust from the NCIP to let its users have its payment services.
For using the payment services, a total of twenty million users have already been registered on Whatsapp.
The digital payments will now be utilized by the consumers and the traders who love cash and love to play with money. The government is in support of shifting of trades online too.
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