Facebook-owned social messaging service WhatsApp is all set to take India’s fintech space by storm.
Last week, the decks were cleared for the world’s largest social messenger app to start providing payment services in India. The Indian central bank-backed National Payment Corporation of India (NPCI) said that Whatsapp has complied with all data localisation norms and can soon go live, according to an affidavit filed by the Reserve Bank of India (RBI) in the country’s apex court.
While it still awaits the supreme court’s nod, this development comes as a big relief to WhatsApp as the company’s long-time dream of monetising its massive user-base of over 400 million in India is inching closer to reality. “The combination of payments and the stickiness of a chat messaging service gives WhatsApp immense power to disrupt the fintech space,” said Aparajita Srivastava, partner at New Delhi-based Ikigai Law.