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WhatsApp gets NPCI approval to onboard 100 Mn users on UPI

The National Payments Corporation of India (NPCI) has approved an additional 60 mn users on UPI for WhatsApp. With this approval, WhatsApp will be able to expand the service to its 100 mn users.<br>In November 2021, WhatsApp was allowed by NPCI to expand its registered user base to 40 mn in UPI from 20 mn users a year ago.

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WhatsApp gets NPCI approval to onboard 100 Mn users on UPI

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  1. WhatsAppgetsNPCI approvaltoonboard100MnusersonUPI TheNationalPaymentsCorporationofIndia(NPCI)hasapprovedanadditionalsixty(60)millionusersonUPIforWhatsApp.Withthisapproval,WhatsAppwillbeabletoexpandtheservicetoits100millionusers,asignificantvictoryforthepaymentsservicethatMetahasn’tyetheavilymarketedtousers. InNovember2021,WhatsAppwasallowedbyNPCItoexpanditsregistereduserbaseto40millioninUPIfrom20 million usersayearago.Tillthen,only10millionuserswereallowedtousethedigitalpaymentsfeature. AsperIndustrysources,WhatsApphasbeentryingtogetthenodforUPIpaymentsfeatureformaximumorallusersinIndia.Thefreshpermissionwouldallowtheinstantmessagingapptocoveraround15–20%ofitstotaluserbaseviaitsUPI-basedpaymentsservice.AsofFebruary2021,WhatsApphad 530million usersinIndia. WhileWhatsApphasmanagedtoexpanditspaymentsfeatureatregularintervals,theFacebook-owned[nowMeta]companyfailedtograbsizablevolumesinceitsentryintotheUPIrace.AsperNPCIstatistics,WhatsApphadrecordedonly2.54milliontransactionsviaUPIinMarchthisyear. AccordingtoanalyticsfirmSensorTower’sdata,WhatsApp’sglobalinstallsstandat6.27billiontodatewithIndiacontributingaround25%,or1.55billion.

  2. Overall,UPIhadrecorded5.4billiontransactionsinwhichPhonePehasmaintaineditsleadershippositionintheUPIecosystemsinceDec2020.Duringthelastmonth,ithad46.7%marketshare,asperNPCIdata.GooglePayandPaytmwereatthesecondandthirdspotwith1,838.12millionand729.6milliontransactionsrespectively.Overall,UPIhadrecorded5.4billiontransactionsinwhichPhonePehasmaintaineditsleadershippositionintheUPIecosystemsinceDec2020.Duringthelastmonth,ithad46.7%marketshare,asperNPCIdata.GooglePayandPaytmwereatthesecondandthirdspotwith1,838.12millionand729.6milliontransactionsrespectively. ToprotecttheUPIecosystemfromdominancebyahandfulofplayers,NPCIhadputacapof30%ofthetotalvolumeoftransactionsprocessedinUPIforallthird-partyappproviders.However,NPCIhasgivenleewaytoexistingplayerssuchasPhonePeandGooglePaytocomplywiththemandatetilltheendoftheyear. FormoresuchinformationonlateststartupnewsfollowsEntrackr.

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