WhatsApp is joining hands with Indian banks to bring the banking services to Indian rural areas. They are planning to collaborate with banks for financial services like pension, bill payments, recharges, etc for especially low wage workers
WhatsApp, a well-known platform in India with over 400 Million active users, has already tied up with banks like ICICI Bank and HDFC bank allowing people to communicate directly to
banks. People can register their WhatsApp Mobile number to their respective accounts and can get details of payments, balance, deduction, transactions, etc through messaging app. Customers will be getting automated text messages from banks which will provide them the details they needed. This will surely enhance communication between bank employees and customers.
According to sources -“ We now want to open up with more banks in coming 2-3 years to help simplify and expand banking service especially to rural and lower-income segments. We also aim to expand our experiments with partners for other products that RBI highlights as basic financial services starting with micro – pension and insurance “ – Abhijeet Bose said during a webcast.
Parent company FACEBOOK INC has invested $5.7 billion in Reliance Industries, to give an integrated service of payments directly through WhatsApp that will be called WhatsApp Mart. This will help running small shops to big businesses in just a matter of seconds, a step forward to digital India. WhatsApp said – it has compiled with India’s requests to store consumers' data locally.
WhatsApp already has WhatsApp Pay for the payment services offered by Facebook, it offers users payments just like other apps similar to Paytm, Phone Pe, Google Pay, and other platforms. Indian users already using these services quite a lot for payments. Let's see when Facebook is rolling out this feature
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