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Google, WhatsApp’s Entry into Digital Payments to Hurt Domestic Players
November 10, 2018
As international tech giants like WhatsApp and Google are working to set up data centers in India for their payment products, domestic players like PayTm and PhonePe may face massive competition down the road.
RBI’s data storage localization policy dictates that all foreign companies must store the data of all transactions in India. Thus, the tech giants are setting up servers across the country to comply with the norms.
Industry experts say that although the compliance burden on the foreign players will cost them in the short term, they are to gain a lot in the long term once they have settled and start to expand business across the country.
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