WhatsApp loans: WhatsApp has been testing its payments service in India for almost two years and is soon to introduce the feature for all in the country. Although, the feature is available for some users. In addition to this, the Facebook-owned messaging app is planning to expand its financial services with the inclusion of a credit service in India. Read on to know more about what WhatsApp plans to do in one of its biggest markets.
According to one of its objectives of operations listed in its memorandum of association (MoA) in a regulatory filing of its local entity last month. The filings of WhatsApp Application Services showed this would potentially be explored through partnerships with banks because it said it won’t undertake any banking business according to the law. The regulatory documents were sourced from Tofler, a business intelligence platform.
New Payment Feature for WhatsApp Users
WhatsApp also made a statement to the local regulatory agency, which included reports of credits and loans, according to a study by TechCrunch. That indicates that WhatsApp is looking to begin offering loan facilities for users in India. According to the complaint, credit and loan tend to be the “main objects to be pursued by it in the country.”
To remember, at last year’s event in Bengaluru, WhatsApp’s Indian Product Head Abhijit Bose provided us an insight that WhatsApp would soon offer more than just the opportunity to submit and receive money to users. Therefore WhatsApp is likely to launch its credit service in the country early.
WhatsApp has been authorized by Nation Payments Company of India (NPCI) to launch WhatsApp Pay in India for those who don’t learn, and it reaches users in the country in phases. Currently, the function is available under the WhatsApp settings in the Payments option. Additionally, Facebook has suggested that WhatsApp has around 1 million WhatsApp users can use WhatsApp payments service in India.
When introduced, WhatsApp’s credit functionality would clash with the likes of many other payment channels that provide the service. This involves, among others, Paytm, MobiKwik providing users with credit facilities. Even Amazon has recently launched the Pay Later alternative for consumers to order and pay later on inside the Amazon Payment app. WhatsApp’s credit feature will help it gain traction in the financial services sector and can take on others in the market. With this, it could become more than a messaging platform and given its userbase in India, its financial services can get immense popularity.
