The regulatory body of India’s Unified Payment Interface “NPCI” recently has wrote a letter to the Reserve Bank of India saying the Facebook-owned messaging application “WhatsApp” is now fully compliant with the Data Localisation norms in India.
In a letter dated June 5 to the Banking regulator, the National Payment Corporation of India has mentioned that the Messenger App WhatsApp has now satisfied the Data Localisation norms for payment services. Although NPCI disagreed with WhatsApp Data storing policies in past, but for the first time NPCI approved the WhatsApp’s Data Localisation norms.
NPCI reviewed the report published by independent third-party auditor Deloitte and confirms WhatsApp fulfilling the Data Localisation norms. Deloitte is the auditor of WhatsApp in India. NPCI confirms WhatsApp is now fully compliant with the remaining three points on Data Storage Guidelines plus all the points advised by RBI in a letter dated November 1, 2019.
Now, it’s up to RBI when to release the much-awaited WhatsApp Payment Services in India. Currently, RBI has given WhatsApp the permission to try the same service on as much as 1 million users for two years. However, if you see right now, WhatsApp has around 400 million monthly active users in India. If RBI give WhatsApp the permission to roll out their Payment Services these 400 million users will also be able to use this service.
If that happens then, WhatsApp Payment Services will directly give competition at the front to the existing dominating Payment Services in India like Google Pay, Phone Pe, PayTm, and Amazon Pay.
Let’s see When RBI will give WhatsApp the permission to start operating their payment services among 400 million monthly active WhatsApp users.
Also Read: How to Enable WhatsApp Payments?