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Competition Intensifies For India's Digital Payments Market: Amazon India Poaches WhatsApp Pay India Head

  • Meta Platforms Inc (NASDAQ: META), owned WhatsApp's India payment business head Manesh Mahatme quit after more than a year to join Amazon.com Inc (NASDAQ: AMZNAmazon India.

  • Mahatme has joined as director of products in the e-commerce division of Amazon India, Reuters reports.

  • The exit coincided with WhatsApp's plans to ramp up its payments service in a highly competitive market.

  • The key players include Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGLGoogle PayAlibaba Group Holding Limited (NYSE: BABAAnt Group-backed Paytm, and Walmart Inc's (NYSE: WMTPhonePe.

  • During Mahatme's stint at WhatsApp Pay, it won regulatory approval to surpass its payments offering to 100 million users in India, the report added.

  • He joined WhatsApp Pay in April 2021. Mahatme was previously on the board of Amazon Pay India between 2014 and 2021.

  • WhatsApp rolled out cashback rewards this year to lure more Indians to its peer-to-peer payments service.

  • Earlier PhonePe shared plans to acquire two wealth management firms for a total enterprise value of $75 million.

  • The value of digital payments in India will likely increase threefold from the current $3 trillion to $10 trillion by 2026.

  • Price Action: META shares traded lower by 0.17% at $141.88 on the last check Thursday.

  • Photo Via Company

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