WhatsApp’s payment service has got permission to add 100 million or 100 million users in India. NPCL (National Payments Corporation of India) has given this permission to WhatsApp Pay, the payment service of Meta. After getting permission to WhatsApp to extend its service to 100 million users, the company can increase the number of users.
WhatsApp started rolling out its payment service in the year 2020, but initially the company had a lot of problems. Earlier NPCI had given permission of 40 million users to the company, which has now been increased to 60 million.
Permission to increase users from NPCI will be beneficial in increasing the reach of UPI service in rural areas . According to a recent report, only 3 to 7 percent of users living in villages use UPI.
WhatsApp is one of the most downloaded apps in India. In such a situation, getting the facility of payment through WhatsApp will encourage digital transactions. Also, other payment services such as Paytm, PhonePe , Google Pay (GPay) will also get a big competitor.
Initially, National Payment Corporation Limited had asked WhatsApp to roll out the payment service roll out phasewise. The National Payment Corporation of India issued a statement saying that WhatsApp has now been allowed to roll out the payment service for an additional 60 million users. The reach of this app is up to 400 million users in India.
PhonePe, Google Pay will get a challenge
Due to the phase-wise roll out of WhatsApp Pay , other competitors such as PhonePe, PayTm, Google Pay etc. are benefiting, but due to the permission of the edition 60 million users, its reach will now reach 100 million users. Due to which these companies will face a tough challenge.
NPCI said in its statement that PhonePe has made a record of 100 million UPI transactions in a day. UPI i.e. Unified Payment Interface is currently the largest contributor of digital transactions in India.
504 crore transactions have been recorded through UPI in the month of March. This data has been shared by NPCI on 29 March 2022. According to information shared by MeitY last week, in February 2022, 7422 million times digital transactions were recorded.