WhatsApp is now looking to expand payments services to its 200 million users in India. With this intention, it has written to the Reserve Bank of India seeking a formal approval to this plan. Earlier WhatsApp has faced a lot of criticism from the government for failing to control the spread of fake messages. Now with a customer base of nearly 200 million WhatsApp is waiting for getting approval from the government. WhatsApp has been engaged with the government via talk since last two years over its payments service plans.
Other players have already started their payment services in India ahead of WhatsApp. WhatsApp has now started testing its payment services and Chris Daniels has now written to RBI persuading to grant approval for the same.
In the letter Chris Daniel mentions – “I write to request your formal approval to immediately expand WhatsApp’s BHIM UPI (Unified Payments Interface) compliant payments product to all users in India, giving us the opportunity to offer a useful and secure service that can improve the lives of Indian people through digital empowerment and financial inclusion”
WhatsApp spokesperson stated that the platform is working with the Indian government, National Payments Corporation of India (NPCI), and multiple banks which include payments service providers to expand the feature to more people and support India’s digital economy.
Along with WhatsApp the letter dated November 5 also mentions WhatsApp partner banks request for formal approval of the payments service.
WhatsApp spokesman further said – “Today, almost 1 million people are testing WhatsApp payments in India. The feedback has been very positive, and people enjoy the convenience of sending money as simply and securely as sending messages.”
In response to RBI’s latest directive which suggests all new payments data storage requirements in April this year. WhatsApp has come forward to ensure that the payments data is stored in India. Now RBI will have unrestricted supervisory access to payments data according to the circular released.
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