The latest in a series of executive departures for parent firm Meta is the head of WhatsApp Pay India.
After a year and a half in the Meta job, Manesh Mahatme moved to return to the e-commerce group and after a year and a half in the top role forWhatsApp Pay in India, the role was taken over by Choletti.
I look forward to seeing it leverage its potential in the coming years, as I believe that it has the power to transform digital payments and financial inclusion in India.
The app has 500 million users in India, but has been unable to make inroads into the country's fast growing mobile payments market. The market for payments is led by the likes of Google Pay, Walmart's Phone Pe, and Paytm.
India's payments market is expected to grow from $200 billion in 2020 to $1 trillion in the next two to three years, according to Credit Suisse. Over 85% of the market share on the UPI payments network is commanded by the two companies.
Analysts say the extension of the deadline for India to enforce a check on the market share for players on the payments network is a major win for the incumbent market leaders.
Meta has seen a number of high-profile departures in India in the last few months. The former head of Meta India left the firm in October to become the president of the younger firm's Asia-Pacific business. The head of WhatsApp India and the head of Meta India stepped down.
Sandhya Devanathan is the new head of the India business. Devanathan will report to Neary at Meta Asia-Pacific. The top India executives used to report to the U.S. leadership.
Meta did not reply.
That is not to say that there are not aggressive moves being made. The Indian conglomerate is working closely with Meta, a company that invested billions of dollars in the platform.
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