WhatsApp is inching closer to launch its India operations. The app company has informed the Supreme Court that it is now fully compliant with the RBI’s data localisation norms. WhatsApp told the apex court in its response that it has now “localised five data elements” that were identified by the banking regulator and mandated them to store in India only.
WhatsApp has submitted that an independent third-party auditor, certified by central government’s cybersecurity firm CERT-in, has confirmed that WhatsApp Payments satisfies the data localisation requirements under the RBI circular.
The Facebook deal with Jio, India's largest telecom company with 5.6 million mobile subscribers will provide the perfect launchpad for WhatsApp Payments in the country. India's digital payment space is currently ruled by Google Pay, Walmart-owned PhonePe and Paytm.
In India, mobile commerce is the dominant factor in the digital payments space. It already accounts for 48 per cent of digital commerce sales and is forecasted to reach 70 per cent by 2022. And hence, the payments foray of WhatsApp, which has over 400 million monthly active users in India, is being keenly watched. Recently, it launched the payment service in Brazil.
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