WhatsApp Seeks Nod from RBI for Expanding Payments Services to 200 Million Users in India

By December 2nd, 2018 AT 7:39 PM

WhatsApp Chief has written to the Reserve Bank of India (RBI), seeking a formal nod to expand payments services to all its 200 million users in India. The messaging app, which has drawn fire from the government over spread of fake messages on its platform, continues to wait for a regulatory clearance to launch full-fledged payments operations in India – months after its ‘testing’ amassed nearly one million users, and almost two years since it first began discussions with the government on its payments services plans.

whatsapp-payments-rbi-nod-india

The development comes at a time when competitors such as Google have forged ahead with their payments offerings. WhatsApp is currently piloting WhatsApp payments, and its Chief Chris Daniels has now written to the RBI urging that a formal approval be granted to take the payments product to all its users in the country.

“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,” Daniels said in the letter addressed to the RBI Governor.

The letter, dated November 5, mentions that WhatsApp’s partner banks have also submitted a request for formal approval. When contacted, a WhatsApp spokesperson said the platform is working closely with the Indian government, National Payments Corporation of India (NPCI), and multiple banks, including payment service providers to expand the feature to more people and support the country’s digital economy.

“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,” the company’s spokesperson said, responding to a specific email query on the recent plea to the RBI.

In the letter, WhatsApp noted that the platform had rushed to ensure that the payments data is stored in India, immediately after the RBI came out with a directive outlining the new payments data storage requirements in April this year. “Today, (the) RBI has unfettered supervisory access to payments data as prescribed by the RBI circular,” said the letter.

Read more on:

Chakri is a go-to guy for your next smartphone recommendation. Back in his engineering days, he used to play with smartphones by installing custom ROMs and that passion got him into the tech industry. He still goes nuts about a smartphone knocking his door for review. Currently managing everything at Telecom Talk, Chakri is trying to master PUBG Mobile in his free time.

10
Leave a Reply

avatar
1 Comment threads
9 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
6 Comment authors
dragonmonkTervetri_visAkashashish Recent comment authors
newest oldest most voted
Prithvi
Prithvi

Privacy breach .. !!?

ashish
ashish

okay so what google pay, paytm is doing? You dont have any issues with them?

dragonmonk
dragonmonk

@ashish All three are crooks when it comes to data mining.

Akash
Akash

Everyone has online privacy concerns. But I have never seen person with privacy paranoia as you. So I guess that you must be using iPhone/ blackberry with duckduck go as search engine and other non Google services.

Terve
Terve

I’ve read some of his comments and from what I could gather was that he doesn’t care about privacy much but rather has an hatred for Facebook and all services owned by it, which to be fair isn’t unreasonably but he’s attacked WhatsApp messaging in the past and I’ve corrected him by saying that it’s the most private (except for signal) messaging service. Although yes questioning this payments service is fair, but then again other services should be questioned as well. Also Android with a custom ROM without Google services is much more secure and private as compared to any… Read more »

tri_vis
tri_vis

Bro.
You mean to say, that using banking apps on custom ROM is safer then non rooted, original FW from mobile company??

Terve
Terve

Yes it is, if you know what you’re doing.

Terve
Terve

Yes it is, if you know what you’re doing. Moreover this discussion is about privacy and not security.

dragonmonk
dragonmonk

@terve There is no privacy without a secure underlying mobile OS/platform. You cannot live peacefully among a locality of dacoits.

dragonmonk
dragonmonk

@akash That sounds pretty reasonable — using iOS and non-google services. Anybody who knows to preserve privacy does exactly that. At least he’ll have the last laugh while your life/data is owned by the advertising giants.

Recent Posts

5G-Enabled and Foldable Smartphones Will Steal the Show at MWC 2019

The buzz around the first 5G-enabled smartphone and foldable devices will be the talk of the town as the Mobile...

Telcos Raise Demands for Financial Aid and Favourable Terms from DoT for 5G Rollout

Incumbent telecom operators in the industry have drafted a letter to the Department of Telecommunications (DoT) asking for support from...

Samsung Galaxy S10 Series to Sport Several Industry-First Features

Samsung, which unveiled its highly-successful Galaxy S series in 2010, is all set to launch new flagship devices on the...