WhatsApp has sought permission of Reserve Bank of India, in order to expand its payment services. It is felt that their offerings will improve through financial inclusion.
- The Chief of WhatsApp has written to the Reserve Bank of India of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India.
- The messaging app, which has drawn ﬁre from the Government over the spread of fake messages on its platform, still waits for a regulatory clearance to launch fullﬂedgedpayments operations in India months after its ‘testing’ amassed nearly one million users — and almost two years since its first began discussions with the Government on its payments services plans.
- The development comes at a time when competitors such as Google have forged ahead with their payments oﬀerings.
- The messaging service is currently piloting WhatsApp payments, and its chief Chris Daniels has now written to RBI urging that a formal approval be granted to take the payments product to all its users in the country. The letter reads:
“I write to request your formal approval to immediately expand WhatsApp’s BHIM UPI [Uniﬁed Payments Interface] compliant payments product to all users in India, giving us the opportunity to oﬀer a useful and secure service that can improve the lives of Indian people through digital empowerment and ﬁnancial inclusion. inclusion.”
- The letter also states that WhatsApp’s partner banks have also submitted a request for formal approval.