RBI norms require global payments services companies to store their data within India.
WhatsApp will soon complete the launch of its United Payments Interface (UPI)-based payments service in India, according to a report by The Economic Times. The Facebook-owned messaging platform has set up data storage facilities in India for WhatsApp Pay, the report added.
Reserve Bank of India (RBI) norms require global payments services companies to store their data within India.
“WhatsApp has completed the necessary work on data localisation and has moved to the audit process. Once the auditors submit the report to the regulator, the company can go live with its payments application,” a source told the newspaper.
Moneycontrol could not independently verify the story.
WhatsApp might begin offering the UPI service with ICICI Bank, the report said, adding that partnerships with Axis Bank, HDFC Bank and State Bank of India (SBI) are likely to follow.
The service is so far in pilot mode in India, available to around 1 million users only. There are also plans to launch WhatsApp Pay in Brazil, Mexico and the UK.
With over 200 million users, India is WhatsApp’s largest market.Amazon, too, had to comply with central bank norms on data storage, before rolling out its UPI-based payments service in India earlier this year.The Great Diwali Discount!
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