Wednesday
December 5
2018

WhatsApp Chief Seeks Reserve Bank of India Approval to Expand Payment Services to All Indian Users

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

The development comes at a time when competitors such as Google have forged ahead with their payments offerings. WhatsApp is currently piloting WhatsApp payments, and its Chief Chris Daniels has now written to the RBI urging that a formal approval be granted to take the payments product to all its users in the country. “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 said in the letter addressed to the RBI Governor.

Photo courtesy of Meena Kadri.

Source: Financial Express (link opens in a new window)

Categories
Finance
Tags
digital payments, fintech, mobile applications, mobile money, mobile phones