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 Pay, Alibaba 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.
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