WhatsApp is in the process of complying with the Data Localization Regulations.
The BHIM UPI Compliance Payment Service of WhatsApp has been waiting since 2016 and is expected to arrive in the first six months of this year. It is currently in the process of complying with the Data Localization Regulations. After this it will undergo a security audit and then it will get the final approval from the Reserve Bank of India (RBI). According to sources, the Facebook-owned platform is in the advanced stage of complying with RBI’s rules on data localization.
Final approval from RBI
Sources say that the company is currently meeting compliance with the data localization rules, and will be followed by a security audit by the National Payments Corporation of India (NPCI) and will then be eligible to take RBI approval.
The company is running a pilot for WhatsApp’s payments service which has around 1 million users. Google Pay is the leading provider of payment services in India and includes Paytm, PhonePe, BHIM app and Axis Pay. According to another source, Google has fulfilled all the needs of localization and is currently undergoing audit. It will soon get the final approval from RBI. WhatsApp will take a little longer because it is yet to be followed.
Google Pay compete with Amazon Pay
WhatsApp has been trying to launch its payment service for a long time because it wants to enter the digital payment market in India. In July last year, its global head Will Cathcart came to India with some senior officials. He came to meet RBI, NPCI and officials of the Ministry of Electronics and IT and IT Minister Ravi Shankar Prasad. In conversation with the media, Cathcart said that the company intends to launch the payments service this year (in 2019).
India is an important market for WhatsApp. Of the total 1.5 billion users of the platform in the world, 400 million belong to India. Currently there are more than 45 third party apps offering UPI based payments services including Google Pay, Amazon Pay, Flipkart and PhonePe. Apart from this 140 banks like Paytm Payments Bank, Airtel Payments Bank and Axis Bank also provide these services.Get Business News, Latest India News, Sports News and other Breaking News on Investment Schemes, Share Market and much more on 24 x 7 News. We are happy to provide you best news happening around