After getting approval, WhatsApp will be entering a crowded digital payments market, with more than 80 rivals on the NPCI (National Payments Corporation of India) platform, including Google and Amazon.
Indias digital payments market is projected to grow five-fold and hit USD 1 trillion by 2023, according to a report by investment bank Credit Suisse Group AG. WhatsApp has substantial strengths including an India user base thats estimated at more than 300 million. Unlike many other service providers, it doesnt need to put in cash to acquire customers.
The messaging apps payments offering has been in a testing stage in India since early 2018 for a million users. It has been barred from expanding its reach till the offering complies with the countrys data regulations. Rules require WhatsApp to submit a third-party auditor report showing that all data involved in payments will be only stored on servers in India.
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