WhatsApp Pay looks to accelerate growth in India with significant investments over next six months
According to Manesh Mahatme, Director-Payments, WhatsApp India, as the adoption of 'payments on WhatsApp' increases with users across the country, the company looks forward to working with the National Payments Corporation of India (NPCI) to further expand it to all users.
"We thank the NPCI for the increase in our cap to 40 million (from an initial cap of 20 million). 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," Mahatme said in a statement.
Last week, the NPCI approved increasing the user cap for WhatsApp's payment service from the current 20 million to 40 million users.
According to Mahatme, the Meta-owned company has introduced several India-specific features in payments on WhatsApp over the last few weeks and have seen exciting results.
"Over the next six 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 informed.
There is an opportunity, he said, for UPI to have an even greater impact for the country — especially in rural regions where digital and financial inclusion can significantly improve peoples' lives.
"We believe that
India saw a whopping ₹7.7 lakh crore (over $100 billion by value) digital transactions via UPI in October for the first time, according to latest data released by the NPCI.
In the month of October that saw record festive shopping across e-commerce platforms, digital payments witnessed 4.2 billion UPI transactions in total.
AdvertisementIn September, the NPCI recorded digital payments worth ₹6.54 lakh crore via 3.65 billion UPI transactions.
PhonePe currently has over 325 million registered users. The platform is also accepted at over 22 million merchant outlets across India.
These are the best Windows 11 widgets to improve focus and boost productivity
Between becoming Twitter’s CEO and gaining 10x more followers overnight, the craze around Parag Agrawal has taken some funny turns
WhatsApp Pay to get several India-first features, including cashbacks, in the next six months
Popular on BI
- At least 21 people, mostly teens, were found dead in a South Africa bar. None of them had any visible wounds.
- Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku
- More than $100,000 raised for loyal Burger King employee of 27 years in GoFundMe campaign after video shows him getting 'goody' bag as reward
- Meet Akash Ambani — new chairman of Reliance Jio and owner of Mumbai Indians
- Best apps for Instagram hashtags and captions
- Akash Ambani to head Reliance Jio - that’s just phase I of Mukesh Ambani’s succession plan
- Maha crisis: Thackeray appeals to the rebels to come back
- Tata Motors to increase price of its commercial vehicle segment from July 1