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Benzinga

Business

Navdeep Yadav

WhatsApp Gets India Nod to Raise UPI User Base To 100M While Coinbase And Other Crypto Exchanges Face Snub

UPI Coinbase WhatsApp Nasdaq India Meta

While snubbing cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN), India's central bank has approved another chunk of 60 million users on UPI for Meta Platforms, Inc (NASDAQ:FB)-owned WhatsApp.

With this, WhatsApp will be able to expand the service to its 100 million users in India.

This came after American crypto exchange Coinbase had to stop accepting buy orders for cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) when the Indian regulator disassociated itself with the move.

UPI has enjoyed high interest among Indians in the past few years. According to official data by the National Payments Corporation of India, in the financial year 2021-22, payments worth $1.09 trillion were processed through the UPI.

NPCI in November 2020 had allowed WhatsApp to go live on UPI in the multi-bank model with one million users. Since then, the company has been allied in a graded manner to increase its UPI user base.

Price Action: According to data from Benzinga Pro, Meta shares closed 0.40% higher on Wednesday.

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