WhatsApp: The competition in the digital payments business is set to intensify. This is because NPCI has allowed users to increase the limit under WhatsApp’s payment service. As a result, the limit of 20 million users has been imposed on WhatsApp so far, which can now be increased to 4 crore. WhatsApp had applied to NCPI to increase the limit on its payment services, which has been under review so far.
According to sources, the National Payments Corporation of India (NPCI) operates the country’s retail payment and settlement system. NPCI had approved WhatsApp to launch payment services in November last year. But at the same time, it was limited to 20 million users. This means that WhatsApp could offer its payment services to only 20 million people.
WhatsApp does not make much difference
A major upheaval was expected. This is because the number of WhatsApp users is huge across the country. But this prediction turned out to be false and WhatsApp’s payment service was not as successful as it should have been.
Decision to expand payment service
WhatsApp has decided to increase the user group. As a result, with the approval of the WhatsApp payment limit, Google Pay, Phone Pay, Paytm and Geo Pay, MobiQuick will have another strong competitor in the country. This is because people don’t have to install separate apps for payments. Considering that removing the user limit from WhatsApp payment service at the same time can put sudden pressure on NPCI’s system, NPCI is working on a strategy to gradually increase the user limit of WhatsApp payment service. However, there has been no reaction from WhatsApp or NPCI.
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