"We believe that if we get this right, it will accelerate financial inclusion and bring value for people in India's fast growing digital economy, We can't wait to provide the service more of our users all across India later this year," he said at an event.
WhatsApp's service, which would compete against the likes of Paytm, PhonePe and Google Pay, is yet to be rolled out nationally in India. The Facebook-owned company, which has over 1.5 billion users globally, is looking rolling out its payments service in other markets as well.
WhatsApp's ambitious payment services' blueprint in India has been caught in a bind over concerns around authentication and its data storage practices. In the past, its home grown rivals have alleged that WhatsApp's payment platform has security risks for consumers and is not in compliance with the guidelines.
In October last year, WhatsApp had said it has developed a system to store payments-related data in India as part of compliance with the Reserve Bank of India's policy on storing such data locally.
In May this year, the messaging app had told the Supreme Court that its trial run is likely to be completed by July, and that it will not launch payments services without fully complying with the central bank norms.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.