Whatsapp, The company, which started testing its mobile payment functionality in India two years ago, could offer people at least one additional financial service in its largest market.
In a report to the local regulator in India, the company listed loans as one of the areas it could explore in the country. The Facebook A dedicated service that was declared to the local regulator earlier this month and provides credit or credit as one of the “main destinations for the country in the country”.
At an event in Bangalore late last year, Abhijit Bose, WhatsApp's chief in India, said that the Indian mobile payments market, which has attracted dozens of local and international companies in recent years, is still at a very early stage and may see Companies eventually become more than just a way for people to send money to each other.
WhatsApp has not yet received approval from New Delhi for a nationwide rollout of Pay in India. Local media reports earlier this year claimed that WhatsApp had started expanding the reach of Pay in the country at various stages.
Ajit Mohan, a vice president of Facebook and head of India, told theinformationsuperhighway in an interview last week that only 1 million WhatsApp users in India still have access to their mobile payment service.
Dozens of payment services in India have expanded to credit or online loans in the past few quarters as they searched for a business model in the country. A number of companies, including Paytm, India's most valuable startup and MobiKwik today offer millions of users in India a small ticket credit.
In recent years, dozens of millions of users in India have started making money digitally. However, the local payment authority has removed most of the fees it could impose on banks and merchants to make money. The move has resulted in companies reviewing other financial services such as loans and insurance, and approaching traders to make money.
This year, Paytm was expanded to serve merchants and launched new devices, e.g. For example, a stand with QR check-out codes, which comes with a calculator and a battery pack, a portable speaker that provides voice confirmation of transactions, and a machine point of sale with a built-in scanner and printer.
The company, supported by Alibaba and SoftBank, offers these devices as part of a subscription service, which can be used to generate a steady flow of sales. Paytm's money arm, which provides credit, insurance and investment services, has amassed more than 3 million users.
Flipkarts PhonePe, another major player in the Indian payments market, serves more than 175 million users and over 8 million merchants today. The app serves as a platform for other companies to reach users. The company is not currently reducing the real estate in its app.
The expansion of mobile payments in India through WhatsApp, which is estimated at $ 1 trillion by 2023 (according to Credit Suisse), could pose new challenges for other players. Right now that Facebook has reaffirmed its commitment to India, the second largest Internet market in the world, but it does little to contribute to the business results of American technology giants.
Facebook invested $ 5.7 billion this month in Reliance Jio Platforms to acquire a 9.99% stake in the Indian telecommunications giant. At the weekend, JioMart, an e-commerce company of Jio's parent company, started testing an "order system" on WhatsApp and gave a first glimpse into the collaboration between Facebook and the Indian telecommunications giant Reliance Jio Platforms.