Home Buisness news WhatsApp inches closer to launch payment services via UPI platform: What we...

WhatsApp inches closer to launch payment services via UPI platform: What we know

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WhatsApp inches closer to launch payment services

WhatsApp might quickly launch its payment services in India after National Payments Corporation of India (NPCI) knowledgeable the Reserve Bank of India that the Facebook owned messaging platform has met knowledge localisation requirement. RBI in an affidavit submitted to the Supreme Court mentioned the NPCI knowledgeable the Central Bank that it was glad with the WhatsApp’s compliance with the regulator’s knowledge storage guidelines, mentioning that the messaging service was good to go dwell with its payment services. WhatsApp will supply its new service underneath Unified Payment Interface, the Hindustan Times reported. 

WhatsApp to launch Payment Services | What we know

  • In June, National Payments Corporation knowledgeable Central Bank that it was glad with WhatsApp’s complaince report. 
  • NPCI mentioned we would really like to verify that WhatsApp has glad the information localisation requirement based mostly on Cert-In auditor’s reviews and we hereby are giving ICICI Bank (Paymentt Service supplier financial institution for WhatsApp) the approval to go dwell. 
  • National Payments Corporation mentioned it’s going to give approval to ICICI Bank to will present its payment service. 
  • WhatsApp mentioned that it was now awaiting for a proper approval from the NPCI to launch its payment services via UPI operations, dwell mint reported.
  • The RBI guidelines outline that funds knowledge, data on funds or settlement transactions, buyer knowledge, amongst different data, has to be saved in India.
  • Earlier, NPCI was suggested to make sure that WhatsApp doesn’t retailer any of the payment transaction knowledge components in hashed/de-identified/encrypted type in its methods exterior India.
  • NPCI had, by way of its letter dated January 7, mentioned that they’d acquired a letter from WhatsApp agreeing to full all of the pending points by May 31, and requesting permission to go dwell.
  • WhatsApp is at present providing its payment services on trial foundation to some customers.

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