Meta-owned instant messaging app WhatsApp initially had a limit of 20 million users for its payments feature but now WhatsApp has received approval from the National Payments Corporation of India (NPCI) to expand the payments feature to 100 million users.
WhatsApp was allowed to launch payment services in November 2020 with a limit of 20 million users by NPCI (National Payments Corporation of India).
There is a huge jump in the WhatsApp UPI user base. And with this approval, WhatsApp will be able to expand its services to 100 million users, the National Payments Corporation of India said.
WhatsApp initially had a limit of 20 million for its payment feature but was raised to 40 million in November 2021. This feature allows users to pay for their contacts with UPI.
WhatsApp competes with Google Pay, Paytm and PhonePe in India’s digital market, although WhatsApp’s share of India’s monthly payments is much lower than PhonePe and Google Pay.
As of February 2021, WhatsApp had 530 million users in India. WhatsApp is the most used messaging platform in the country and has the largest user base in India.
According to National Payments Corporation of India (NPCI) data, in March 2022, WhatsApp recorded only 2.54 million (0.05%) transactions through UPI, which is around Rs 239.78 crore.
Unified Payments Interface (UPI) crossed $1 trillion in transaction values for the financial year 2021-22.
As per NPCI (National Payments Corporation of India) data during March 2022, PhonePe market share stood at 46.7% and PhonePe has maintained its leading position in the UPI ecosystem since December 2020.
Overall UPI recorded 5.4 billion (540 crores) transactions in March 2022, according to NPCI data. In which PhonePe held a 49% market share with 2.5 billion transactions. Google Pay was second with 1,838.12 million (35% market share) transactions and Paytm was third with 729.6 million transactions.