The long conversations between Whatsapp and the Indian government are going to end now. In an ongoing conversation about data storage, Whatsapp has finally agreed to store data in India. This means that we can now see the Whatsapp Payment feature soon. According to the new report, Whatsapp Payments will work with ICICI Bank, SBI, Axis Bank and HDFC Bank. UPI will play the most important role in this.
The Facebook official Whatsap was facing difficulties for the long time since the RBI’s data storage rules. From the very first day, RBI had made it clear that the data must be stored locally. Now, Whatsapp has given this rule to yes. This means that now Whatsapp payment feature can be brought in India soon.
How Will Whatsapp Payments Work?
This feature will work based on the UPI. NPCI has approved it. For the time being, beta testing is being done with ICICI Bank. After the start of this service, WhatsApp Ads will start working with other banks like SBI, HDFC and Axis.
According to the recent notifications to all financial firms, companies associated with online payments must send data related to Indians to India in 24 hours of transaction. This data includes customer name, customer’s mobile number, email, Aadhaar number, PAN number, customer account details, payment credentials like K-OTP, PIN, passwords etc.
What will be the reaction of Paytm?
Paytm has been a critic of Whatsapp Payments since the beginning. Its founder, Vijay Shekhar Sharma, has said its payment service as a security risk. Paytm is getting bigger competition from Whatsapp payment.