WhatsApp To Bet Big On Payments In India After NPCI Nod For 100 mn Users
Whatsapp expresses its intention to make a profitable investment to upgrade its payment features on the Whatsapp interface. This event took place on Wednesday, just a day after being allowed to increase the limit of its subscribers to over 100 million. However, it refrained from disclosing any other details.
It was after many efforts that Whatsapp Pay reached 100 million subscribers. The National Payments Council of India permitted the meta based app for the first time to promote its payment services with a subscriber limit of 20 million users in November, 2020. It was further raised to a 40 million user base by 2021.
Manesh Mahatme, the director of payments at WhatsApp India, says that WhatsApp has the power to bring about drastic changes in the lives of people in rural areas and that, without a doubt, UPI could be confirmed as a success for the country. These financial and digital changes could bring about a revolution in the country.
Some confidential professionals in the industry claim that WhatsApp could be granted permission to access about 500 million subscribers by NCI. He further says that unless complete permission is granted to WhatsApp to run its operations, it would be handicapped to generate revenues for all of the resources.
According to data in the last month, market holding of PhonePe was about 47%, Google Pay was about 34%, Paytm was about 15.4%, Amazon Pay was about 1.41%, and WhatsApp Pay was about 0.04%, when payment and transactions through Whatsapp scored 5.54 million and UPI transactions counted to 5 billion transactions.
One of the biggest drawbacks to WhatsApp is that a huge number of users would not be able to make or exchange transactions among themselves. Some professionals are claiming that WhatsApp is targeting a special category of users who are still undiscovered by the financial technology giants.
In December, it undertook an initiative to introduce digital technology for making transactions in more than 500 villages in Maharashtra and Karnataka. This was done using marketing and advertising techniques.