Facebook’s WhatsApp plans to work with more Indian lenders to expand banking services in rural areas and for people with lower incomes, the country’s chief executive of the messaging platform said on Wednesday.
“We now want to open up with more banks over this coming year to help simplify and expand banking services, especially to the rural and lower-income segments,” Abhijit Bose, WhatsApp’s India head told a fin-tech summit via a webcast.
WhatsApp will also expand pilot projects with banking and other partners to cover financial services such as pensions and insurance.
“Our collective aim over the next two to three years should be to help low-wage workers and the unorganised, informal economy easily accesses three products – insurance, micro-credit and pensions,” Bose said.
However, the company has also been running its own payment service in India with limited users for more than two years and is waiting for regulatory approvals on issues such as data localization before a full launch.
Moreover, WhatsApp has said that it has met India’s requirements for local customer data storage.
The company hired Bose, the co-founder, and chief executive of Indian mobile payments firm Ezetap, in 2018, a move signaling its ambitions in the payment space.
Whatsapp Parent company, Facebook’s $ 5.7 billion investment in Reliance Industries’ digital unit is designed to give WhatsApp an insight into payments for the Indian conglomerate’s retail store, which is set to serve tens of millions of small businesses across India.
Well, that’s it as of now. We will update you as we receive more info on the topic. See you soon!
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