The instant messaging app, WhatsApp is looking to make a major push⏩ for the extension of digital eco-system in India.
It wants to 💪leverage its massive user base of over 40 crore users and plans to offer credit, insurance and pension products to lower-income individuals and those who live in the rural areas.
Whatsapp is hoping that boosting the digital payments mode will eventually bring the users’ savings💰 into the country’s financial system.
The company will pilot several programs in this regard by partnering🤝 with banks, NBFCs and technology companies.
Based on the results, it will then co-invest in these projects and scale-up↗️ its operations.
Banking is the key
WhatsApp has been exploring🧐 ways to bring financial services to individuals who are still not a part of the banking population.
It has been working with banks🏦 such as ICICI, Kotak Mahindra and HDFC for the past year in this context.
Notably, ICICI Bank and Kotak Mahindra have already reached over 30 lakh new users🤟 with this tie-up.
Digitization on its radar
WhatsApp is keen to help local small and medium-sized businesses in switching to digital payments🤳.
Presently, it is facing a major handicap😣 in this context, as its mobile payments platform, WhatsApp Pay which was piloted over two years ago🗓️ is yet to see a full launch.
It is stuck over the issue of data localisation mandatory regulations📃 framed by the govt.