India is one of the largest markets for WhatsApp. The company has more than 400 million users in India. For more than two years, WhatsApp has been able to provide P2P payment services to a limited number of users in India, while waiting for regulators Approval to fully liberalize this service.
Facebook CEO Mark Zuckerberg (Mark Zuckerberg) said in a video statement: “Currently, the WhatsApp application in 10 languages in India can use this payment function.”
WhatsApp stated that they have reached a partnership with five Indian banks to provide users with payment services, including the National Bank of India and Jio Payment Bank.
On Thursday, the National Payment Corporation of India (NPCI) stated that WhatsApp will initially provide payment services for up to 20 million users, and that the company will continue to expand its service scale.
All mainstream payment companies in India are using the UPI framework developed by NPCI. These services provide users with services such as P2P transfers, utility payments, and phone recharges. According to data released by NPCI, UPI processed a total of 2.07 billion transfers in October this year, an increase from 1.8 billion last month.
WhatsApp will compete in the Indian payment market with Alphabet’s Google, Walmart’s PhonePe, and Alibaba’s Paytm. According to data from PricewaterhouseCoopers and the Indian industry lobbying organization ASSOCHAM, in 2023, the size of the Indian payment market will double on the basis of 2019.
Earlier this year, Facebook acquired a 9.99% stake in Reliance’s digital division for US$5.7 billion. This investment will allow WhatsApp to obtain internal payment information from Reliance’s retail division, which aims to provide tens of millions of companies across India Small businesses provide services.