RBI-compliant WhatsApp Pay to work with banks to build greater financial access for all
Facebook-owned global messaging platform WhatsApp will be the newest entrant to India’s payments market now that it is in compliance with the country’s data-localisation norms. Entering the country with a beta launch in 2018, the payment feature will now be rolled out to its 400 million-strong user base once the Reserve Bank of India (RBI) gives the go-ahead.
WhatsApp to work with partners in India to enhance access to financial products
This comes on the heels of the National Payment Corporation of India (NPCI) certifying to the Supreme Court that WhatsApp had now “ localised five data elements ” that were identified by the banking regulator and mandated them to store in India.