Popular mobile app WhatsApp is planning big for gaining a strong foothold in the Indian market.
After testing its payments feature for two years, now WhatsApp is gearing up to offer credit under its financial services offering for Indian customers.
The Facebook-owned company has declared this in its latest filing with a local regulator earlier this month, where it said credits or loans is one of “main objects to be pursued by it in the country”.
In a recent event in Bangalore, WhatsApp India Head Abhijit Bose said India’s mobile payments market is still at an early stage and will see more new players offering more services beyond money transfer.
However, the company is yet to receive a confirmation from New Delhi for the nation-wide rollout.
According to a Facebook VP and India head, only 1 million WhatsApp users in India have access to mobile payment service.
In the recent times, many other digital payment services have already begun lending small ticket credits to millions of Indian users.
While large number of users have also been using digital payment services, the local body has removed fees they levy on banks and merchants to make money.
This made many digital payment players to explore other ways of financial services such as credit, insurance and find merchants to make money.
Paytm resumed a new gadget service that displays QR checkout codes and also features a calculator. It also possesses a speaker that gives voice confirmation on transactions.
PhonePe is another service that has gained huge traction over the period serving more than 175 million users and 8 million merchants.
Now, WhatsApp’s extension of payment services, likely to grow to USD 1 trillion revenue by 2023, may pose a serious challenge to the existing players.
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