Saturday, Aug 13, 2022 | Last Update : 02:03 PM IST

  Business   Companies  09 Oct 2018  WhatsApp sets up system to store payments data locally as per RBI norm

WhatsApp sets up system to store payments data locally as per RBI norm

PTI
Published : Oct 9, 2018, 12:38 pm IST
Updated : Oct 9, 2018, 12:38 pm IST

RBI had given time till October 15 to comply with the mandate.

Messaging platform WhatsApp on Tuesday said it has set up a system in India that stores payments-related data locally in the country to comply with RBI regulations. (Photo: Pixabay)
 Messaging platform WhatsApp on Tuesday said it has set up a system in India that stores payments-related data locally in the country to comply with RBI regulations. (Photo: Pixabay)

New Delhi: Messaging platform WhatsApp on Tuesday said it has set up a system in India that stores payments-related data locally in the country to comply with RBI regulations.

The Reserve Bank of India (RBI), in a circular dated April 6, had said all system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India. It had given time till October 15 to comply with the mandate.

"In India, almost one million people are testing WhatsApp payments to send money to each other in a simple and secure way. In response to India's payments data circular, we've built a system that stores payments-related data locally in India," a WhatsApp spokesperson said.

The spokesperson added that the company hopes to expand the feature across India soon, so that it can "contribute to the country's financial inclusion goals".

RBI, in its April order, had said it is important to have "unfettered supervisory access to data stored with these system providers as also with their service providers/intermediaries/third party vendors and other entities in the payment ecosystem" to ensure better monitoring of payment service operators.

RBI further said data should include the full end-to-end transaction details, information collected/carried/ processed as part of the message/payment instruction.

Tags: messaging platform, whatsapp, reserve bank of india, payments data, data storage
Location: India, Delhi, New Delhi