WhatsApp UPI payment services will soon be online

WhatsApp UPI payment services will soon be online in India. Specifically, the national payment Corp. of India on Monday, August 3, 2020 inform the RBI that WhatsApp’s met all require. This information became available recent after documents given to the report by the reserve Bank of India became public. The document states that the RBI received confirmation from in NPCI that WhatsApp had complied with all data localization requirements. WhatsApp spokespersons have stated that they are waiting for formal permission to launch their Unified Payments Interface. The spokesperson also stated that the company employees have worked very hard to meet the standards of the last year. WhatsApp is very happy to announce soon as they receive permission, they can provide payment services to India.

 

Why

WhatsApp UPI payment services

WhatsApp has needed an entire year set up there UPI payment services for India. Specifically, they needed an entire year to ensure that the UPI system was in compliance with RBI data storage. The RBI in 2018 past new regulation that state all financial data had to be stored in India. Specifically, it became an issue for WhatsApp last year when the RBI filed a court challenge against the company. The challenge stated that WhatsApp was not data localization compliance. WhatsApp in order to get there UPI payment services into compliance would’ve had to set up server farms in India. Additionally, this explains why took a year for WhatsApp to achieve data localization compliance.

Setting up a server farm is no simple task especially when the storying payment information, transaction information, or similar information. However, now that the company is in compliance with data localization it can offer UPI services to its 400 million Indian users. Of course, WhatsApp was not the only company to have issues with these requirements. Indeed, most foreign companies said they would incur heavy losses by complying with the requirements. However, most of them like WhatsApp have now made the necessary changes. Additional, now that WhatsApp UPI payment services are about to come online, they will provide secure and traceless money transfers. Specifically, UPI allows an individual’s transfer money without providing the details of their bank accounts.

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