Remember the payment service that WhatsApp was working on for more than a year now? If yes then you must be wondering about why the service has not launched officially in the market. For the rest who have been out of the loop about the payment service that WhatsApp has been working on, the service has not officially launched in the Indian market. Considering that payment service is an important matter, it is okay for a company to take its time in rolling out a payment service. But, it is surprising that it has taken the company and established as WhatsApp to take more than a year in the development of the service.
According to a new report by The Economic Times, the long time and delay in the launch of the service are because of a number of roadblocks that the company is facing. The report pointed out that the delay is being caused by regulatory issues and other “political entanglements”. A number of bankers and insiders from the payment industry pointed out that the issues of fake news and user data privacy surrounding Facebook, the parent company of WhatsApp have damaged the reputation of the brand.
Watch: Xiaomi Redmi 6 Pro First Look
The bleak situation remains even after WhatsApp made the recommended design changes requested by the National Payments Corporation of India (NPCI). The report also indicated that another problem that WhatsApp is facing right now is the “data localization” rule by Reserve Bank of India (RBI). Though, WhatsApp is not the only company to be affected by this ruling as other companies including Apple and Amazon have also halted their plans for launching their payment services in the country.
A Right to Information (RTI) plea also revealed that RBI did not approve of the consent provided by NPCI to WhatsApp about launching pilot payment services. The report also pointed out that banks were supposed to ask for approval from RBI after April 16 of this year for the launch of the final version of the payments service by WhatsApp. WhatsApp had to only ask for approval from NPCI for the pilot testing because it was limited in the scope.