Technology: WhatsApp Compliance Under India Review Before Payments Approval - PressFrom - US

TechnologyWhatsApp Compliance Under India Review Before Payments Approval

16:51  14 august  2019
16:51  14 august  2019 Source:

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WhatsApp ’s regulatory compliance is at a similar level to Google’s, but WhatsApp is being “singled out”, the person quoted earlier said. Government officials say full launch of WhatsApp ’s payment service cannot be divorced from the company’s responses to official demands on combating fake news.

WhatsApp will be vetted before it rolls out its payment service in India , as the ministry of electronics and IT has directed National Payment Corporation According to the report, WhatsApp right now has the permission to run its beta services for 1 million customers in India , while the NPCI has been asked

(Bloomberg) -- India is reviewing an audit report on data practices of WhatsApp Inc. to ensure compliance with local rules before permitting a nationwide debut of the Facebook Inc.-owned company’s long-delayed payments service.

“We have received the data localization compliance system audit report from WhatsApp, which shall be reviewed in the next few weeks,” a Mumbai-based representative for National Payments Corp. of India said without providing any further details.

As and when it gets approval, WhatsApp will be entering a crowded digital payments market where it will have to slug it out with more than 80 rivals on the NPCI platform, including Google and Inc. to garner users. India’s digital payments market is projected to grow five-fold and hit $1 trillion by 2023, according to a report by investment bank Credit Suisse Group AG.

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WhatsApp has been working with the Indian government, National Payments Corporation of India (NPCI) and multiple banks to further expand its payments The government wants greater clarity on how the storage issue is being handled by WhatsApp and these matters are under discussion, the

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WhatsApp Compliance Under India Review Before Payments Approval© Bloomberg Going Digital

WhatsApp has substantial strengths including an India user base that’s estimated at more than 300 million. Unlike many other service providers, it doesn’t need to put in cash to acquire customers.

The messaging app’s payments offering has been in a testing stage in India since early 2018 for a million users. It has been barred from expanding its reach till the offering complies with the country’s data regulations. Rules require WhatsApp to submit a third-party auditor report that all data involved in payments will be only stored on servers in India.

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Payment ID: 54749283 Why my payment is still under review before approval . That process can't work like that even though i already submit my identity and you already verified it. How long it will take for loading the payment . that's no good. I used to receive my payment in the same day or 1 hour

NEW DELHI: The allegation of WhatsApp not complying with Indian laws, including appointing a grievance officer, under the Information To run payments service in India , WhatsApp is obligated to have its office and payments in India . Yet, it is being allowed to continue with its payments and other

“Restrictions on adding new customers will continue for WhatsApp as of now. Once the regulator has gone through the report from the third-party auditor on data compliance we will take further steps accordingly,” Dilip Asbe, the chief executive officer of NPCI said in a recent interview.

--With assistance from Saritha Rai.

To contact the reporters on this story: Suvashree Ghosh in Mumbai at [email protected];Anto Antony in Mumbai at [email protected]

To contact the editors responsible for this story: Marcus Wright at [email protected], Unni Krishnan, Abhay Singh

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©2019 Bloomberg L.P.

Facebook, Sequoia Bet on Indian Startup in $125 Million Funding Round.
Facebook Inc. is participating in a $125 million fundraising for an Indian startup that is aiming to bring more commerce to social networks like, well, Facebook. Meesho, based in Bangalore, is what’s known in the tech industry as a social commerce startup, allowing people to build connections online and then sell through services such as Facebook and its WhatsApp and Instagram services. The funding round was led by South Africa’s Naspers Ltd. and also included Sequoia, Shunwei Capital, Venture Highway and Arun Sarin, the former chief executive officer of Vodafone Group Plc.

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