by The social and tech giant Facebook has nearly accomplished its new app, Whatsapp Pay in India and will share the upcoming information regarding the same soon. However, the launch could have been done earlier but data compliance issues and regulations kept the launch on hold for some period of time even though one million users tested the payment mode in the country.
WhatsApp Pay will Launch in India Soon
Mark Zuckerberg told the analysts that they are still testing the app in India and it really shows that a lot of people and merchants will use the app after its official launch.
Whatsapp pay is peer-to-peer, UPI based service and will reach more than 400 million users which will include small and medium businesses to enhance the digital mode of payment. The government of India and the reserve bank of India had expressed their issues with some of the features of Whatsapp in complying with the regulations.
Earlier, Whatsapp built a local system to store payment-related information to comply with the RBI’s data localization needs but an affidavit which was submitted to the Supreme court in India, RBI mentioned that Whatsapp pay has still not complied with its data localization norms.
Mark said “We differentiate between payment systems that are built on top of the existing financial infrastructure like what we’re trying to do with WhatsApp payments or when we make payments in Instagram Shopping and our work with something like Libra that is trying to build some new technological infrastructure for financial services”,
Video:
[su_youtube url=”https://youtu.be/D4JRPQukoGI”]
Ravi Shankar Prasad, Telecom Minister of India said that if Whatsapp meets the regulatory norms from RBI and National Payments Corporation of India (NPCI) then there it can carry on its operations in India.
