According to Facebook CEO Mark Zuckerberg, WhatsApp will soon launch its payment service in India as well the company will soon share positive news, Zuckerberg said. Despite successful testing of the payment service with one million users in the country, data compliance issues and regulations have long continued the WhatsApp Pay launch.
“We have our test in India. The test actually shows that a lot of people want to use this product. We are very optimistic that we are going to be able to launch everyone in India soon, but will certainly share more news when we have them, ”Zuckerberg told analysts on an earnings call on Wednesday. The peer-to-peer, UPI-based WhatsApp Pay service will reach over 400 million users. The service will also help small and medium businesses (SMBs) to promote digital inclusion in the country.
Both the government and RBI have expressed concern over some features of WhatsApp in compliance with the rules. WhatsApp has previously stated that it had created a local system for storing payment-related data to comply with the RBI’s data localization requirement. Later, in an affidavit submitted to the Supreme Court, the RBI said that WhatsApp’s salary does not yet follow its data localization norms.
“We differentiate into payment systems built on top of existing financial infrastructure, such as what we are doing with WhatsApp payments or when we pay in Instagram shopping, and our work with something like Libra to create something new. The technical framework for financial services is trying, ”Zuckerberg explained.
Also, in September, Abhijeet Bose, WhatsApp India head reported that WhatsApp’s payment service could be launched by the end of this year. “We hope to provide service by the end of the year”, Bose said. The company plans to integrate the payment system with its WhatsApp for Business app. The purpose of WhatsApp is to enable an “end-to-end communication cycle” between customers and small businesses using the app. It plans to make the experience more intuitive and efficient to increase sales.