At a time when digital payments are on the rise, given the pandemic-enforced lockdown, the future for ‘Digital India’ looks bright and companies are looking for gateways to cash in on this. Facebook’s messaging app, WhatsApp Will Now Offer Insurance and Loans to Some Indian Users.
WhatsApp is the latest revenue-driving investment firm in India for its mortgage lending, low insurance, and low pension products.
Abhijit Bose, head of WhatsApp India, shared plans for a company that will do financial work in India at the Global Fintech festival.
WhatsApp Will Now Offer Financial Services to Indian Users
Messenger company is said to be in talks with the likes of ICICI Bank, Kotak Mahindra, and HDFC to acquire its financial services in India. This app is currently working on similar driving programs.
“Based on the results, we will invest in the calculation. Even a small change in demand will translate into a major investment in the financial system”.
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How WhatsApp is Becoming a Competitor?
Going forward, WhatsApp is becoming a direct competitor for an existing player in India – Paytm (supported by Alibaba and SoftBank). Paytm recently announced its refund insurance policy and acquired it with Raheja QBE General Insurance.
PhonePe has partnered with ICICI Lombard to offer insurance products, Amazon Pay has recently announced its digital insurance partnership.
The company started borrowing and insurance with the number of users who say Paytm, PhonePe, and Amazon took years to build
Messenger company WhatsApp Will Now Offer Insurance and Loans to Indian Users. WhatsApp is pushing for more investment. In India, as it has announced its return on loans, small car insurance, and small pension products.
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Financial services strategies can provide an instant messaging app to more than 200 million new users and add to the existing 400 million users in India.
But going forward, WhatsApp is becoming a direct competitor for existing players in India – Paytm (supported by Alibaba and SoftBank.
WhatsApp already has the advantage of competing for more than other players. In the ecosystem, it comes with an existing 400 million user base. Also, the collaboration between WhatsApp and Reliance Jio will represent its growth.
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WhatsApp Will Now Offer Financial Services Including Insurance and Pensions to low-paid Employees
India is one of the biggest WhatsApp markets. The app is only looking to expand its reach to the country. The WhatsApp app was introduced in the next 18 months.
The company has the potential for instant messaging apps to reach 200 million new users. Company Will Now Offer Insurance and Loans to Indian Users.
Messenger company has teamed up with Indian banks to bring banking services to rural areas of India. The company has plans to provide financial services, including insurance and pensions to low-paid employees.
The Facebook-based messaging app has partnered with banks, including ICICI Bank and HDFC Bank.
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Abhijit Bose: Head of WhatsApp India, said
At the Fintech Fest, Abhijit Bose, Head of WhatsApp India said, “We now want to open more banks in the coming year to help simplify and expand banking services, especially in rural and low-income sectors., starting with small pensions and insurance,”
Collaboration with banks will allow consumers to communicate with their banks via automated documents. Users can register their WhatsApp numbers with their banks and can also check their balances, deductions, and more via the messaging app.
WhatsApp also plans to make financial services including small loans, pensions, and insurance available to those working in rural areas.
“Our goal of covering two to three years should be to help low-income workers and the informal economy. It has easy access to three products – insurance, small debt, and pensions.
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Facebook’s Presence in Digital Payment Market
It is noteworthy that Facebook entered into digital payments in India in 2018. When it made WhatsApp payment services available to selected users in India. But he could not plan to leave the country officially, as approvals were pending from the authorities.
Several reports say that the National Payments Corporation (NPCI) has given its permission to WhatsApp to formally launch its payment services at some point.
However, WhatsApp launched its paid services in Brazil, but the services were discontinued a week after it was announced.
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The Central Bank of Brazil said in a statement that “the decision was made to ensure an adequate competitive environment. Which ensures an efficient, fast, secure, transparent, open, and economical payment system.”
The bank also raised privacy concerns related to WhatsApp’s digital payment services. They also said the bank had not had the opportunity to analyze WhatsApp’s services before they were officially released.
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What is WhatsApp Pay?
WhatsApp Pay is a payment service provided by Facebook that allows users to send and receive money, pay bills, recharge on the platform, and other services such as Paytm, PhonePe, Google Pay, and other functions. There are already numerous digital payment sites in India.
But considering that WhatsApp has 400 million users in India, it will not be so difficult for the messaging app to gain a foothold in the digital payment market whenever Facebook decides. Publish services in India.
It is reported that WhatsApp told the Supreme Court. It fully complied with the Reserve Bank of India’s (RBI) procedures. He told the high court that it responded by “making five notes” identified by the bank’s regulator and ordered that they be kept in India only.
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WhatsApp has also faced challenges in other global markets such as Brazil. Where its payment services were suspended last month after the launch.
Digital payments to UPI recorded the highest monthly transaction total estimated at $1.34 billion in June, jumping back to pre-COVID-19 levels. UPI saw 1.32 billion transactions in February before the outbreak in India.
In terms of value, the change was the arrival of 2.61 lakh crore, compared to Rs 2.22 lakh crore in February. According to data from the National Payments Corporation of India (NPCI), holding the UPI.
Similarly, there is Flipkart’s PhonePe mobile division, which is a major player in the payment market. PhonePe employs more than 175 million users in India and over 8 million retailers.
WhatsApp mobile payments in India are estimated to grow to $1 trillion by 2023 according to Credit Suisse. However, details of when the new credit service will be announced are not yet known.
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