Friday, July 19

WhatsApp CEO Seeks RBI Nod to Expand Payment Services to all Users

The popular messaging app Whatsapp which has drawn fire from the government over spread of fake messages on its platform, 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 company is waiting for a regulatory clearance to launch full-fledged payments operations in India – months after its ‘testing’ amassed nearly one million users. It has been almost two years since it first began discussions with the government on its payments services plans.

“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 stated.

The Facebook-owned company has also demanded a “level playing field” for all companies that offer payment services, including “a certain and transparent regulatory and operating environment”. Apart from the traceability request, the government had asked WhatsApp to set up a local corporate presence and appoint a grievance officer to address complaints.