New Delhi: The competition in the digital payment market is about to warm up even more now that the NCPI has allowed an increase in the consumer limit under WhatsApp's payment service. WhatsApp's user base was previously limited to 2 million users, but that number may now be increased to 4 crore. WhatsApp has recently asked the NCPI to request an increase in the number of users allowed to use its payment service, which the NCPI has now granted.
WhatsApp reportedly sought to raise the cap for its digital payment customers earlier this month, according to sources. Not only that, but India's retail payment and settlement system is controlled by the National Payments Corporation of India. In November of last year, the NPCI allowed the start of a payment service on WhatsApp, but set a cap of 2 million customers. That implies WhatsApp's payment service would only be available to 20 million individuals.
The entrance of WhatsApp did not make much of a difference: it was predicted that the digital payment landscape would be radically impacted once the payment service was authorised by Meta's proprietary WhatsApp, which has a large user base across the nation. However, this prediction was incorrect, and there has been no substantial reversal since the launch of WhatsApp's payment service.
WhatsApp has made the decision to focus on building its payment service. He hopes to broaden his consumer base as a result of this. The rise in the WhatsApp Pay limit will put it even more in competition with GooglePay, PhonePay, PayTM, and JioPay in India. This is because customers will not need to download a separate payment app.
In India, WhatsApp Messager Services has 400 million subscribers. WhatsApp began exerting significant pressure on the NPCI system to remove the consumer restriction from the WhatsApp payment service immediately, despite the fact that the NPCI is working on a strategy to gradually expand the user limit of WhatsApp's payment service. WhatsApp and the National Police Chiefs' Institute, on the other hand, have not responded to this.