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WhatsApp wins approval to double payments offering to 40 mln users in India -source

NEW DELHI, Nov 26 (Reuters) – WhatsApp (FB.O) has gained regulatory approval to double the variety of users on its payments service in India to 40 million, a supply with direct data instructed Reuters on Friday.

The firm had requested that there needs to be no cap on users of its cost service in India.

Instead, the National Payments Corporation of India (NPCI)this week instructed the corporate it may double the consumer base to which it might supply its cost service – at the moment restricted to 20 million – the supply mentioned.

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WhatsApp is owned by Facebook, which just lately modified its title to Meta.

The supply mentioned the brand new cap would nonetheless hinder the corporate’s development prospects provided that WhatsApp’s messenger service has greater than 500 million users 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 (GOOGL.O) (*40*) Pay, SoftBank- and Ant Group-backed Paytm (PAYT.NS) and Walmart’s (WMT.N) PhonePe in India’s crowded digital market.

The NPCI gave WhatsApp approval to begin its payments service final yr after the corporate spent years making an attempt to adjust to Indian laws, together with information storage norms that require all payments-related information to be saved regionally.

WhatsApp has virtually reached its consumer base of 20 million for cost companies, mentioned the supply, who declined to be recognized as the main points are personal.

Online transactions, lending and e-wallet companies have been rising quickly in India, led by a authorities push to make the nation’s cash-loving retailers and shoppers undertake digital payments.

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Reporting by Aditya Kalra; Editing by Susan Fenton

A man walks past a hoarding of the WhatsApp application installed at a skywalk in Mumbai, India, August 26, 2021. REUTERS/Francis Mascarenhas/Files

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