In a major development, WhatsApp will be able to roll out its digital payment platform, WhatsApp Pay, across India after securing a key regulatory approval on Thursday.
“The National Payments Corporation of India (NPCI) has granted WhatsApp permission to operate its digital payment service in a phased manner,” a Reserve Bank of India (RBI) executive told Business Standard on Friday. The official didn’t want to be quoted.
The NPCI’s approval came days after the RBI’s go-ahead. WhatsApp has assured the regulators that it will comply with the data localisation norms – a key factor behind the delay of the WhatsApp’s payment service launch.
the absurd thing about this is that npci is the monopoly here. upi has basically become the primary standard for online payments in india. whatsapp has no option but to use upi on their platform. not sure how them using upi as a payment option inside the app is anti competitive. as long as they support sending/receiving funds from third party VPAs.
and of course, with facebook investing in jio... this would probably be history soon.
India's antitrust watchdog has dismissed a case against Facebook's WhatsApp, saying the company has not abused its dominant position to expand in the country's digital payments market, according to an official order.