With a view to introduce payment services to WhatsApp users in India, the company has written to the Reserve Bank of India (RBI), seeking a formal nod.
WhatsApp chief Chief Chris Daniels in his letter to the RBI has mentioned that the company requires a formal approval for providing payments product to its users.
"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.
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The letter, dated November 5, mentions that WhatsApp’s partner banks have also submitted a request for formal approval.
When contacted, a WhatsApp spokesperson said the platform is working closely with the Indian government, National Payments Corporation of India (NPCI), and multiple banks, including payment service providers to expand the feature to more people and support the country's digital economy.
"Today, almost 1 million people are testing WhatsApp payments in India. The feedback has been very positive, and people enjoy the convenience of sending money as simply and securely as sending messages," the company's spokesperson said, responding to a specific email query on the recent plea to the RBI.
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In the letter, WhatsApp noted that the platform had rushed to ensure that the payments data is stored in India, immediately after the RBI came out with a directive outlining the new payments data storage requirements in April this year.
"Today, (the) RBI has unfettered supervisory access to payments data as prescribed by the RBI circular…,” said the letter. PTI has seen a copy of the letter.
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".
WhatsApp has also made a case for scaling up its operations by citing the productivity gains that have accrued to Indian small business as a result of the digital tool, and expressed its deep commitment to the market.
"Based on feedback from NPCI and our bank partners, we are confident that we are fully compliant with the UPI checklist, have made all necessary submissions and have passed the security audits required to launch WhatsApp Payments," Daniels said.
It could not be immediately ascertained if the firm has received any response from the RBI to its letter.
WhatsApp recently named a grievance officer for India, and announced the appointment of an India head -- the first for the country that accounts for most users across the world. It also launched a label that identifies forwarded messages, and barred forwarding of messages to more than five people at one go.
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(With inputs from PTI)
