WhatsApp to open payments platform
The social media platform WhatsApp is going to launch its digital payment services for businesses.
The Facebook-owned messaging app has established data storage facilities within India to meet the norms of the Reserve Bank of India (RBI).
WhatsApp’s move paves a way to launch digital payment services commercially. RBI made it mandatory for all payment firms to store the data of Indian customers on local services to manage them easily.
WhatsApp is expected to go live with its Unified Payments Interface-based service with ICICI BankNSE. Their services are extended through Axis Bank, HDFC Bank and SBI later.
As per sources, WhatsApp has finished all requirements of data localization and moved to the audit process.
The payments application will go live after the submission of audit report to the RBI.
As per the guidelines of the RBI, the data payment companies should have to set up data storage facilities in the country first and then submit an audit report to RBI.
However, the audit has to be conducted only by the auditors empanelled with the Indian Computer Emergency Response Team, CERT-IN.
WhatsApp launched its payment service last year on a pilot basis. The norms of the RBI on data localization has delayed its services. Other factors like spreading of fake news on it and privacy concerns of Facebook also hindered WhatsApp to launch its payments services in a full-fledged manner.
WhatsApp’s payment services are going live after remedial measures like establishing localized data servers and conducting awareness drives against spreading of fake news.
While launching its services in February last year, WhatsApp partnered with ICICI Bank, but they were limited to a beta service.
The report of NPCI states that there are 39 third-party applications in the country. These include Google Pay, Amazon, Uber and Ola which access UPI as a payments platform.
Image by Simon Steinberger from Pixabay (Free for commercial use)
You may also like
Image Reference: https://pixabay.com/photos/smartphone-samsung-galaxy-s4-mini-325481/
Recent Posts
- Exciting career opportunities at IMScIMSc Recruitment 2025 is offering 03 contract-based vacancies for the posts of Project Associate I and Library Trainees.
- GST revamp: Know the highlights of the GST Council meetingThe 56th GST Council meeting introduced a new highest-ever 40% slab targeting sin goods and luxury items.
- Modi inaugurates the world’s tallest rail bridge over the ChenabPrime Minister Narendra Modi inaugurated the iconic Chenab Bridge in Jammu & Kashmir on 6th June 2025. This engineering marvel was built as part of the USBRL project, connecting Kashmir with the rest of India.
- Exciting career opportunities at IMSc
What’s new at WeRIndia.com
News from 700+ sources
-
Bengaluru’s Hill View Public School marks 25 years with Sadhguru
-
Fresh concern over subsidy in Tunnel Road project
-
Indias first telecom system with indigenous chips gets TEC certification, says Ashwini Vaishnaw
-
‘Schools built under CSR may be named after firms’: CM Siddaramaiah
-
Yuki Bhambri bows out of U.S. Open after reaching mens doubles semifinals
-
Steep hike: BJP MP Tejasvi Surya wants Metro fare cut
-
WeRIndia – A News Aggregator
Visit werindia.com for all types of National | Business | World | Politics | Entertainment | Health related news and much more..
Leave a Reply