The National Payments Corporation of India (NPCI) has allowed messaging platform WhatsApp to expand its client limit for digital payments through UPI (Unified Payments Interface) to 100 million, an over twice hop from the prior cap of 40 million, said individuals aware of the matter.
In November last year, the NPCI had allowed WhatsApp Pay to double its client base from the previous limit of 20 million.
WhatsApp had looked for consent for UPI payments for every one of its clients in India in one do with next to no cover. Notwithstanding, the NPCI has allowed it an expanded restriction of 100 million, said the people.
While NPCI confirmed the development in a late-night statement on Wednesday, a representative for WhatsApp Pay didn’t immediately respond to ET’s questions.
The expansion in WhatsApp Pay’s client base is probably going to upset the ongoing business sector initiative of driving UPI applications like PhonePe and Google Pay. It comes when Tata Digital has likewise made its presentation on UPI and is supposed to arise as a significant player.
While new entrants are expected to make a dent in the UPI market share dynamics, industry leaders said WhatsApp has the most obvious opportunity to shake the market given its huge client base of no less than 400 million monthly dynamic clients for its messaging service.