Amazon, WhatsApp Await RBI Clarification Before Rolling Out UPI Payments
With UPI becoming an increasingly popular means of transaction for merchants and customers alike, more than and more companies are rushing in to offer their own payments solutions based on the platform. Google was one of the first foreign companies to have jumped on the UPI bandwagon with its Tez payments app, and WhatsApp has since also taken large strides towards rolling out the new feature to its users around the state.
Now, it is the turn of U.s.a. retail giant, Amazon, to throw its hat into the ring in its efforts to get a slice of the UPI payments pie. According to latest reports, still, the company'south plans to roll out its ain UPI-based payments solution is existence delayed past the lack of clarity about authorities regulations surrounding data storage.
Co-ordinate to ET, "2 bankers in the know of the matter" have reportedly revealed that the retail giant's plans to launch an UPI-based payments service is being delayed considering of exactly the same reasons that are being faced by WhatsApp. Both companies are now plainly waiting for more clarifications on the matter from the RBI, according to the two sources quoted by ET.
"Both WhatsApp Payments and Amazon Pay have not gone live due to similar reasons. Now with the draft Personal Data Protection Nib besides being put out for consultations, these players accept to wait for the concluding conclusion"
The defoliation seems to exist arising because of the finance ministry's recent note that okayed 'data mirroring', which would permit companies to store a re-create of user-data outside the country as long as they keep at least 1 copy within the jurisdictional boundaries of India.
In sharp dissimilarity to the finance ministry note, the RBI in April gave all payments gateways, such equally Visa, American Express and MasterCard, just half dozen months to ensure that all their information of Indian users should be transferred to servers within the country.
The companies are now waiting for further description on the consequence from the RBI, which is yet to come out with a circular to settle the consequence once and for all. "Till that happens the limbo will continue" said i of the bankers quoted by ET.
Source: https://beebom.com/amazon-whatsapp-waiting-for-rbi-clarification-before-rolling-out-upi-payments/
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