National Payment Corporation of India (NPCI) has granted permission to WhatsApp messenger to double its user base for the payments service to 40 million.
At present, WhatsApp has a total user base of 400 million and this approval will enable the platform compete better with its competitors Google Pay and Phone Pe.
As per NPCI website, there are a total of 21 third party application providers, including WhatsApp, which have been allowed to provide payments service on the unified payment interface (UPI).
ICICI Bank, Axis Bank, HDFC Bank and SBI will be acting as WhatsApp’s payment service provider (PSP) banks.
The company is planning significant investments in payments on WhatsApp over the next 6 months across India to ensure accelerated growth.
