Reserve Bank of India (RBI) has filed an affidavit in the Supreme Court for WhatsApp’s upcoming digital payment service. In the document, the National Payments Corporation of India discusses with Central Bank about the WhatsApp compliance regulator data storage rules. It also reveals that the Unified Payments Interface (UPI) platform for WhatsApp pay service is good to go live.
The trial base for WhatsApp pay will be offered by WhatsApp for limited users.
The information by “National Payments Corporation of India” reveals to the Reserve Bank of India (RBI) that WhatsApp messaging platform required the data localization. The Facebook Company WhatsApp is set to launch digital payment service “WhatsApp Pay” in India. The affidavit which was filed in the Supreme Court dated June 2020, with the information updated by NPCI that WhatsApp regular data storage rules compliance was good and it is ready to go live on the UPI payment system platform.
In the affidavit it was also informed, “We might want to affirm that WhatsApp has fulfilled the information localisation prerequisites dependent on Cert-In evaluator’s reports and we, therefore, are giving ICICI Bank the endorsement to go live,” the oath put together by RBI to the court said. Mint has inspected a duplicate of the sworn statement.
The rule of Reserve Bank of India (RBI) also implement in its statement that all the client information, data on installments, or settlement exchanges, among other data, Payment information must remain in India.
Also, said that WhatsApp is waiting for a formal communication from NPCI to launch a UPI-based payment system in India. As the report reveals that National Payments Corporation of India has given clearance to WhatsApp for data localization requested which is a matter of time for WhatsApp that nothing prevents this Payment service from going live.
WhatsApp is sitting tight for a proper correspondence from NPCI to dispatch a UPI-based installment framework in India. As the National Payments Corporation of India has given leeway to WhatsApp pay on localization info necessities which make nothing to keeps WhatsApp from going live.
“It is just a short time now,” an industry official stated, mentioning secrecy.
Abhijit Bose the head of WhatsApp India said in his report that “WhatsApp can bring in any event 200 million of its clients to UPI, which is seeing consistent development in advanced installments during the pandemic. WhatsApp has designs also to begin various pilots in zones like computerized loaning, miniature protection, and miniature benefits in the year and a half”.