WhatsApp Will Not Launch Its UPI-Based Payment Service Until July 2019
Anil - Apr 10, 2019
WhatsApp is planning to approach the banking regulator in July, right after making a number of arrangements about payments service data in the country.
- How to Stop Living Paycheck to Paycheck? Take Charge of Your Finances!
- Delhi Is The World’s Most Polluted Capital City For Three Years In A Row
- Indian Farmers Install High-Tech, Night-Vision CCTV Cameras To Protect Themselves
After several campaigns in India, WhatsApp now is coming in the payment service market. Indian is one of the most important markets of WhatsApp outside the US, which was accounted for over 20 percent of total users. It is said to wait for an approval from the RBI (Reserve Bank of India) before rolling out the full-scale UPI-based payment service commercially to customers. UPI is the shortened name of Unified Payments Interface, which provided by a system called NCPI. It gives the entities permission to act and fulfill their digital payment business in India.
As per some sources, the company is planning to approach the banking regulator in July, right after making a number of arrangements about payments service data in the country. For your information, RBI had asked all payment system operators to store financial data of Indians locally since April 2018. This includes all of the transaction details, information collected, carried and processed as part of the message as well as payment instructions.
The move was geared towards ensuring that user details remain secure against privacy breaches. Every payment system company had to comply with the localization norms in 6 months. In the meantime, WhatsApp payment system was up to par with the requirements, because the company also stored the data in its overseas servers.
Google rebranded its Tez mobile payment app in India to Google Pay last year.
Google Pay is going ahead of other payment platforms in India, followed by Paytm, Axis Pay, and PhonePe. Last month, Chinese smartphone manufacturer Xiaomi has also claimed that it will put its own digital payment platform called MiPay to support a large number of customers using Xiaomi devices.
Nowadays, digital payment service is becoming a potential segment in Indian market with about 800 million transactions through UPI-related platforms, which make up to over Rs 1.33 lakh crore just in term of March 2019.
Featured Stories
![PDF Prodigy: Expert Techniques for Editing](https://img.mobygeek.com/crop/320x180/photo_galleries/2024/01/18/pdf-6fd5.png)
ICT News - Jan 18, 2024
PDF Prodigy: Expert Techniques for Editing
![The Psychology of Casino Game Design](https://img.mobygeek.com/crop/227x128/2023/08/03/casino-india-89d9.jpg)
ICT News - Aug 03, 2023
The Psychology of Casino Game Design
![3 Reasons your privacy gets compromised online](https://img.mobygeek.com/crop/227x128/2022/05/17/hacker-9565.jpg)
ICT News - May 17, 2022
3 Reasons your privacy gets compromised online
![Apple Devices For Sale](https://img.mobygeek.com/crop/227x128/2022/05/11/96174530-5607-11ec-9bbc-ba5fcc880a33-cf-4827.jpg)
ICT News - May 11, 2022
Apple Devices For Sale
![Pin-Up Review India 2022](https://img.mobygeek.com/crop/227x128/2022/04/12/pexels-andrea-piacquadio-3768128-05c6.jpg)
ICT News - Apr 12, 2022
Pin-Up Review India 2022
![Choosing between a shared and a dedicated server for gaming](https://img.mobygeek.com/crop/227x128/2022/03/29/pexels-field-engineer-442150-df92.jpg)
ICT News - Mar 29, 2022
Choosing between a shared and a dedicated server for gaming
![How The Internet Came Into Being](https://img.mobygeek.com/crop/227x128/2022/03/18/pexels-andrea-piacquadio-914931-4083.jpg)
ICT News - Mar 18, 2022
How The Internet Came Into Being
![The Best Gaming Tech of 2022](https://img.mobygeek.com/crop/227x128/2022/03/17/florian-olivo-mf23rf8xary-unsplash-7b61.jpg)
ICT News - Mar 17, 2022
The Best Gaming Tech of 2022
![Technologies that enable the development of online casinos with live dealers](https://img.mobygeek.com/crop/227x128/2022/02/16/istockphoto-1200707009-612x612-f9fa.jpg)
ICT News - Feb 16, 2022
Technologies that enable the development of online casinos with live dealers
![Remember These Safety Measures While Playing at an Online Casino](https://img.mobygeek.com/crop/227x128/2022/02/08/pexels-photo-3279685-8114.jpeg)
ICT News - Feb 08, 2022
Comments
Sort by Newest | Popular