RBI had in April given global payment companies six months’ time to store transaction data of Indian customers within India
Instant messaging giant WhatsApp on October 9 said it has built a local system to store payments-related data in order to comply with the Reserve Bank of India (RBI)’s data localisation requirement.
“In response to India's payments data circular, we have built a system that stores payments-related data locally in India,” 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,” the spokesperson added.
Talking about the complete rollout of the WhatsApp payments feature, the spokesperson said, “We hope to expand the feature to all of India soon so we can contribute to the country's financial inclusion goals.”
The central bank had in April given global payment companies six months’ time to store transaction data of Indian customers within India.
RBI's data localisation norms will come into effect from October 15.
The decision had been taken by RBI to ensure better monitoring of payment service operators.
The central bank had said that it is important to have “unfettered supervisory access to data stored with these system providers as also with their service providers/ intermediaries/third party vendors and other entities in the payment ecosystem”.“All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India,” RBI had said. The RBI further said data should include the full end-to-end transaction details, information collected/carried/ processed as part of the message/payment instruction.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.