Whatsapp is trying its best to launch Digital Payments!
The company has given assurance to the National Payments Corporation of India (NPCI) about its payments being entirely compliant to the local regulations of data protection and storage by the month of May.
It is done after months when NPCI gave the company permission to introduce its payment services in a phased manner. The initial being a figure of 10 Million users. The UPI management body has also lent their full permission to the idea.
NPCI soon retracted the order!
The NPCI soon retracted its order making it more challenging for Whatsapp to launch in the country.
According to the reports, NPCI did so, as they wanted to be in a safe position in the current scenario. They wanted the company to have full compliance with the RBI regulations. After that, they are most likely to grant permission.
In addition to this, the apex bank has forbidden the authority to permit the launch until it fully fulfills the required norms.
Also, the NPCI decided to pause their decision as the court cases were also involved in the picture. In 2019 RBI informed the Supreme Court about the orders while the hearing of Whatsapp compliance was going on.
UPI powered Whatsapp Payments!
The test of the UPI powered Digital payments of the company is in progress since 2018. Since then, it is fighting to overcome other fatal factors for their business, like competitors, government authorities, etc. No matter what, Whatsapp has faced it all.
They were even testing the product with a joint partnership with ICICI bank with nearly 1 Million users.
They also planned to extend their services to more users with the help of the banks and authorities.