Facebook is doing its best to introduce WhatsApp Pay in India. The social media giant has been constantly in talks with the National Payments Corporation of India (NPCI) for this.
- Facebook is doing its best to introduce WhatsApp Pay in India
- You can get a loan from WhatsApp
- Facebook started rolling out WhatsApp Pay in a phased manner.
Even though WhatsApp is currently in a phased roll-out stage, Facebook is reportedly preparing to enter the lending market already in India. In a regulatory filing, the company has shown the credit as its business plans in India. Let us know that this news has come to the fore in India just a day after Amazon started the ‘Amazon Pay Letter’ service.
The listing accessed by TechCrunch has revealed that WhatsApp Payments has shown credit as a core part of its business plan in its recent Ministry of Corporate Affairs filing in India. There is currently no clear information about credit, how the company will extend the credit to the users. For now, it has to be seen whether this credit will be a microloan to customers or a loan to purchase goods through the payments portal. Regardless of which of these two, but it is certain that the upcoming credit facility will be commercially launched only after the rollout of WhatsApp Pay in India. The current COVID-19 epidemic is expected to see a boom in the world of loans, and Facebook does not want to miss this opportunity somewhere.
This is why Amazon has also decided to offer instant credit on shopping on its site, for which the company has launched Amazon Pay later service. In this, loans are being given on groceries and utility bill payments. The new service gives the user the option of paying the money in the subsequent month at no additional charge and customers can convert large amounts in installments up to 12 months. Flipkart has already been offering such an option in the name of ‘Flipkart Pay Letter’, in which it gives credit facility to its customers.
After getting a license from NPCI in February this year, Facebook started rolling out WhatsApp Pay in a phased manner. The feature is said to have reached 10 million or more than 10 million users in India so far. WhatsApp payment service uses Unified Payments Interface (UPI) to enable mobile transactions. However, WhatsApp has more than 400 million users in India and the payment feature for all users will rollout only if it is fully approved by NPCI.