INSUBCONTINENT EXCLUSIVE:
WhatsApp has substantial strengths including an India user base that's estimated at more than 300 millionIndia is reviewing an audit
report on data practices of WhatsApp Inc
to ensure compliance with local rules before permitting a nationwide debut of the Facebook Inc.-owned company's long-delayed payments
service."We have received the data localization compliance system audit report from WhatsApp, which shall be reviewed in the next few
weeks," a Mumbai-based representative for National Payments Corp
of India said without providing any further details.As and when it gets approval, WhatsApp will be entering a crowded digital payments
market where it will have to slug it out with more than 80 rivals on the NPCI platform, including Google and Amazon.com Inc
India's digital payments market is projected to grow five-fold and hit $1 trillion by 2023, according to a report by investment bank
Credit Suisse Group AG.WhatsApp has substantial strengths including an India user base that's estimated at more than 300 million
Unlike many other service providers, it doesn't need to put in cash to acquire customers.The messaging app's payments offering has been in
a testing stage in India since early 2018 for a million users
It has been barred from expanding its reach till the offering complies with the country's data regulations
Rules require WhatsApp to submit a third-party auditor report that all data involved in payments will be only stored on servers in
India."Restrictions on adding new customers will continue for WhatsApp as of now
Once the regulator has gone through the report from the third-party auditor on data compliance we will take further steps accordingly,"
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