WhatsApp permit, Ambani deal: Facebook racks up major India wins


 

Facebook Inc., which was struggling for years to win a permit to operate its WhatsApp payments service in India, finally got approval for the roll-out, marking a breakthrough year for the tech giant that also saw it partnering billionaire Mukesh Ambani to expand in the world’s biggest open technology market.

WhatsApp pay can go live using the homegrown, multibank Unified Payments Interface, its operator the National Payments Corporation of India said in a statement Thursday. The U.S. social media giant can gradually expand its UPI base starting with as many as 20 million users. Facebook has been testing WhatsApp payments in India since early 2018.

The approval is the latest milestone for the billionaire Mark Zuckerberg-helmed firm that plowed $5.7 billion by agreeing to buy a 9.99% stake in Ambani’s digital services unit, Jio Platforms Ltd., in April. Ambani’s unit has attracted more than $20 billion from investors including Intel Corp. and Google, as global tech giants doubled down in partnering Asia’s richest man and the most influential business leader in India. Read More

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