Pune Media
Leading the news curation and publishing for the people of Pune

Competition Intensifies For India’s Digital Payments Market: Amazon India Poaches WhatsApp Pay India Head – Meta Platforms (NASDAQ:META), Amazon.com (NASDAQ:AMZN)

  • Meta Platforms Inc META, owned WhatsApp’s India payment business head Manesh Mahatme quit after more than a year to join Amazon.com Inc AMZN Amazon 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 GOOG GOOGL Google PayAlibaba Group Holding Limited BABA Ant Group-backed Paytm, and Walmart Inc’s WMT PhonePe.
  • 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



Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.

Aggregated From –
Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Pune.Media
Typically replies within few minutes on a chat or a day via email
Hey There! I am here to help you :)
Hello there
Subscribe to our YouTube Channel so that we can get you awesome news from around the world!