Two sources told Reuters that WhatsApp hired an executive from Amazon to lead its payments business in India, as its instant messaging service is preparing to expand in a booming industry.

One of the sources said on Friday that Manesh Mahatme, who has worked at Amazon Pay for nearly 7 years, will soon join WhatsApp’s payment service.

WhatsApp and Amazon Pay could not immediately comment. Mahatma declined to comment.

With more than 500 million users, WhatsApp regards India as its largest market and is the latest entrant in the field of digital payment in India. PricewaterhouseCoopers and the Indian industry body ASSOCHAM stated that the value of the digital payment field in India will reach 135 billion U.S. dollars (approximately Total 9,785.53 billion rupees)) by 2023.

Last year, WhatsApp received an extension of approval to launch a payment system in India, but so far, its launch has been restricted to 20 million users by regulators.

But it has ambitions. Facebook reached an agreement with Facebook last year to invest US$5.7 billion (approximately Rs 41,310 crore) in the digital division of billionaire Mukesh Ambani’s Jio Platforms. It will enable WhatsApp to provide payment services for millions of mom-and-pop stores.

A source said: “Mahatme is a core payment professional. This is a link missing from WhatsApp.”

Amazon Pay is increasingly providing users with online bill payment and is also acting as a digital wallet service on the e-commerce giant’s Indian website.

Mahatme’s LinkedIn profile shows that, as a director, Mahatme is responsible for overseeing Amazon Pay’s advanced product, engineering, and business development leadership team.

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WhatsApp also plans to deepen its partnership with banks to provide financial services such as pensions and insurance. The company’s head of India, Abhijit Bose (Abhijit Bose), who is also a veteran in the payments industry, said last year.

Thomson Reuters 2021 ©

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