Meta Keeps Losing Key Heads In Its Biggest Target Payments Market

Meta Platforms, Inc META WhatsApp Pay India head Vinay Choletti departed, the latest in a series of executive departures in the company’s largest user market.
Choletti took over the top role for WhatsApp Pay in India in September this year following the departure of Manesh Mahatme, who joined WhatsApp from Amazon.com Inc AMZN and, after a year and a half, returned to the e-commerce group TechCrunch reports.
With over 500 million users in India, WhatsApp struggled to win market share in the nation’s fast-growing mobile payments market.
Alphabet Inc GOOG GOOGL Google Pay, Walmart Inc WMT PhonePe, and Paytm currently lead the market, whereas the regulator bound WhatsApp to offer the payments service to 100 million users.
According to Credit Suisse, India’s payments market would likely be worth $1 trillion in the next two to three years, up from about $200 billion in 2020.
Google and PhonePe command over 85% market share on the homegrown payments network, UPI.
Meta saw high-profile departures in India in recent months amid its internal shifts.
Ajit Mohan, the former head of Meta India, quit in October to join rival Snap Inc SNAP.
WhatsApp India head Abhijit Bose and Meta India’s Public Policy head Rajiv Aggarwal departed in November.
Price Action: META shares traded lower by 0.83% at $121.15 on the last check Wednesday.
Photo via Wikimedia Commons