WhatsApp gets green chit to rollout UPI payment service in India
This was mentioned in an affidavit, which was filed by RBI in June, stating that it was satisfied with WhatsApp’s compliance with data storage rules and can bring Unified Payments Interface (UPI) to everyone.
It looks like Facebook’s WhatsApp is all set to introduce its payment services in India. The UPI payment feature was a part of beta testing until recently. As per a report from Live Mint, the instant messenger app may join hands with National Payments Corp. of India (NPCI). It is said to have met the data localisation requirements as well. This was mentioned in an affidavit, which was filed by RBI in June, stating that it was satisfied with WhatsApp’s compliance with data storage rules and can bring Unified Payments Interface (UPI) to everyone.
“We would like to confirm that WhatsApp has satisfied the data localization requirements based on Cert-In auditor’s reports and we hereby are giving ICICI Bank (payment service provider bank for WhatsApp) the approval to go live," stated the affidavit submitted by RBI.
In case you aren’t aware, the local data storage rule by RBI is that companies should store the payments data, information on payments, settlement transaction, customer data and more in India itself.
“We understand NPCI is satisfied with WhatsApp’s compliance with RBI’s payments guidelines on data localization. Our team has worked hard to meet these standards over the last year," the spokesperson said to Mint. The instant messenger is however, still waiting to get a formal confirmation from NPCI to begin its UPI-based payments system in India.
Just last month it was reported that WhatsApp is planning to team up with Indian lenders to expand banking services in rural areas and for those with low income. It has already partnered with ICICI and HDFC Bank for this.