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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
WhatsApp will be vetted before it rolls out its payment service in India, as the ministry of electronics and IT has directed National Payment Corporation of India (NPCI) to check whether or not WhatsApp Payment’s methods are adhering to the guidelines set by the RBI for data security. An official source said, “MeitY has asked NPCI to check if WhatsApp Payments is working in conformation with RBI permissions, where is it storing transactions data and if that data is being shared by its parent firm Facebook before launching a bigger version of the service.”
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The information was reported by PTI. It was on April 5 this year that the Reserve Bank of India felt the need to restrain Payment system operators and ordered all the payment operators to store the user’s data in India. Any data finding its way out of the country would mean that the company is going against the RBI’s rules. The authority set a six-month window to let the tech giants comply with the new regulation.
According to the report, WhatsApp right now has the permission to run its beta services for 1 million customers in India, while the NPCI has been asked to check for discrepancies in WhatsApp’s payment services before it scales its operation. The source further added “There are also issues around two-factor authentication during the time of the transaction. MeitY has asked NPCI to check compliance of WhatsApp on the security of the transactions as well.”
