WhatsApp payment system to go live

WhatsApp payment system to go live

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National Payment Corporation of India has advised Reserve Bank of India, that the messaging platform Whatsapp has met the data localization requirements.  Thus Whatsapp launching its payment services in India is not far off.

An Affidavit was filed by RBI in the Supreme Court some time ago stating that NPCI had informed them in June that it was satisfied with WhatsApp’s compliance with the regulator’s data storage rules and that it will be able to go live on the Unified Payments Interface (UPI) Platform.  As of now, WhatsApp is offering the payments on a trial basis to some users.

Stating that WhatsApp has satisfied the data localization requirements based on Cert-In Autiros’s Reports and that they are giving ICICI Bank (who are the payment service providers for WhatsApp) to go live, NPCI said that WhatsApp is now ready for a go.  Payments data, information on payments or settlement transactions, customer data, among other information has to be stored in India according to RBI rules.

A Whatsapp spokesperson added that the company is ready to provide payment services to users in India very soon.  Also, they added that their team has worked hard to meet these standards over the last year.  Formal communication from RBI will enable them to go live.

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Author: Admin Bankedge

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