The Worldwide used messaging app WhatsApp soon launched its Payment Project in India although the project has been started as a pilot project earlier but stopped because as it doesn`t compiles with the RBI`s localised norms for Payment. In February only, Pilot Project plan to extend the reach from 1 million to 10 million users for WhatsApp Pay did not take off amid the same banking issues and concerns.
Now, with all the directions and mandatory changes in its policies, WhatsApp`s Payment Business will soon adhere with the banking regulations for Payment companies mostly by the month of May, instant messaging platform has told National Payments Corporation of India (NPCI).
Over the period of two years WhatsApp has been working hard to rollout its Payment Business in India but due to concerns over its data storage policy in India and its policy of sharing that data with its parent system, full-fledged WhatsApp Pay roll out has not been approved.
A WhatsApp Spokesperson reads out the statement said; "We are in continue motion to work with the government to solve all the concerns and able to provide the payment access on WhatsApp to all the users.With around 400 million users WhatsApp Payments will help to accelerate digital payments and more importantly during COVID-19 period it is a safer way to transact.
Going Back Why it is getting late, In November WhatsApp Pay was not allow to be rolled out as the payment bussiness had not fully comlied with the data localisation norms the banking regular has set for payments as per the directions to NPCI by RBI. RBI told the same to Supreme Court about its directions to NPCI.
In February, An Application had been filled by CASC ( Centre for Accountability and Systemic Change), before the apex court seeking a permission to stop the UPI-Based Pilot Project of WhatsApp Pay arguing that the system has not met RBI norms for the same.
Now, as per reports We may soon have WhatsApp Pay rolling out in India with solving all the major concerns and compiling with the RBI norms.
With this Roll out WhatsApp Payment will surely be giving tough competition to other Payment System like Paytm, Phonepe and many others.
So,
What are You thoughts on This Comment below...
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| Pic Credit: Android Para Ti |
A WhatsApp Spokesperson reads out the statement said; "We are in continue motion to work with the government to solve all the concerns and able to provide the payment access on WhatsApp to all the users.With around 400 million users WhatsApp Payments will help to accelerate digital payments and more importantly during COVID-19 period it is a safer way to transact.
Going Back Why it is getting late, In November WhatsApp Pay was not allow to be rolled out as the payment bussiness had not fully comlied with the data localisation norms the banking regular has set for payments as per the directions to NPCI by RBI. RBI told the same to Supreme Court about its directions to NPCI.
In February, An Application had been filled by CASC ( Centre for Accountability and Systemic Change), before the apex court seeking a permission to stop the UPI-Based Pilot Project of WhatsApp Pay arguing that the system has not met RBI norms for the same.
Now, as per reports We may soon have WhatsApp Pay rolling out in India with solving all the major concerns and compiling with the RBI norms.
With this Roll out WhatsApp Payment will surely be giving tough competition to other Payment System like Paytm, Phonepe and many others.
So,
What are You thoughts on This Comment below...
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