WhatsApp builds a system to store payment data
WhatsApp, which has been running a pilot of its payment service in the country with 1 million users, has said that it has built a system that stores payments-related data locally in India.
With this, the company is in compliance with the Reserve Bank of India’s mandate to all payment firms to store data locally from October 15, 2018.
In a statement, a WhatsApp spokesperson said, “In India, almost 1 million people are testing WhatsApp payments to send money to each other in a simple and secure way. In response to India’s payments data circular, we’ve built a system that stores payments-related data locally in India.”
It added that “WhatsApp payments is useful for people in their daily lives and we hope to expand the feature to all of India soon so we can contribute to the country’s financial inclusion goals.”
The approval for a full-fledged roll-out of the instant messaging giant’s payment service is stuck for several due to regulatory approvals from the National Payments Corporation of India (NPCImonths) and the RBI.
WhatsApp’s statement comes at a time when several payment firms have been requesting for the deadline of the RBI mandate to be extended along with requesting the regulator to allow for one copy of the data to be stored in India instead of mandating full data localisation.
ET has reported last week that payment companies including Visa, MasterCard, Google, Facebook and PayPal among others had met finance minister Arun Jaitley to seek temporary relief from the RBI mandate.
(Except for the headline, this story has not been edited by Daily Report and is published from ET TECH.)
399 total views, 3 views today