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| WhatsApp plans to lend to Indian users |
According to the report, WhatsApp plans to offer additional financial services to the Indians after the company began testing mobile payment features in its largest market two years ago. Although the feature (WhatsApp Pay) is still in the phase of gradual release, Facebook is trying to enter the credit world in India.
The giant Facebook social media struggled to promote WhatsApp Pay in India and had to hold multiple conversations with the Indian National Payments Company (NPCI) to ensure all the regulatory issues are resolved. The company mentions this award in its regulatory document as one of the business plans.
Loans (WhatsApp payments) are one of the most important areas and are deposited with the Indian Ministry of Economic Affairs, but they do not contain detailed information about the credit rating technology you have entered.
The credit or loan feature is expected to be offered after the WhatsApp Pay commercial release. Due to the unprecedented epidemic (COVID-19), the personal finance industry is expected to flourish and WhatsApp hopes to benefit from this new demand for personal financial services.
Amazon previously launched a service in India (“Amazon Pay Later”) that allows products purchased on the website, including grocery products and utility bills, to be added immediately next month without paying additional fees or in monthly installments at symbolic rates of up to 12 months.
After obtaining an NPCI license in February this year, Facebook started the first phase of the WhatsApp Pay process, which is expected to provide payment services to about 10 million users in India.
WhatsApp Payment Service (UPI) is used to carry out mobile phone transactions. However, WhatsApp has more than 400 million users in India. Only after resolving all open disputes with the National Payments Corporation, will the government agree to fully start payment service in India.