> a market leader with 2 billions users
2 billion of low-value users; FB users are accounted at $150 a head; out of 2 billion users it's account for, only ~100 million would part with a $1 / month to use the application - less that $12 a year per paying user. WhatsApp doesn't have any other monetisation strategy, there are no ads, and the markets they are in are extremely sensitive to fees for payments, for example.
> It's just doing so in India.
Everybody is doing so in India thanks to UPI. Google Pay, virtually unseen outside Tap and Pay in other markets, has 35% percent of the market in India - Whatsapp has a high 0.27% percent of the market in Sept 2021, up from 0.01% previously. https://www.moneycontrol.com/news/business/upi-top-3-retain-...
India payments competition is ruthless thanks to low barriers of entry.