WhatsApp Sets Up System To Store Payment Data Locally In India WhatsApp (LIONEL BONAVENTURE/AFP/Getty Images)
Radhakrishna N S
The Facebook-owned messaging platform, WhatsApp has built a system to store payment-related data locally in India. The move is aimed at complying with Reserve Bank of India’s (RBI’s) data localisation norms. The new move of WhatsApp is expected to threaten established industry giants, SoftBank and Alibaba supported Paytm. Media reports earlier stated that the formal launch of WhatsApp’s inter-bank money transfer service was also postponed following lack of clarity on the local data storage norms in the country. The payment gateways including Mastercard, Visa, PayPal, Google, and others met finance minister Arun Jaitley recently to obtain an extension of the…
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