WhatsApp Pay is reaching people in stages
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.
WhatsApp credit service could launch soon
According to a report by TechCrunch, WhatsApp recently provided a filing to the local regulatory authority that had mentions of credits and loans. This means WhatsApp is looking to start providing users with loan facility in India. As per the filing, credit and loan appear to be the platform's "main objects to be pursued by it in the country."
To recall, WhatsApp's Product Head of India Abhijit Bose, at an event in Bengaluru last year, gave us an inkling that WhatsApp will soon provide more than just the ability to send and receive money to users. Hence, it is likely WhatsApp will soon begin its credit service in the country.
For those who don't know, WhatsApp received approval from the Nation Payments Corporation of India (NPCI) to introduce WhatsApp Pay in India and it is reaching people in the country in phases. Currently, the feature is available in the Payments option under the WhatsApp settings. Additionally, Facebook has suggested that WhatsApp has around 1 million WhatsApp users can use WhatsApp payments service in India.
WhatsApp's credit feature, if introduced, will compete with the likes of various other payments platforms that have the facility. This includes Paytm, MobiKwik, among others that offer users with the credit facility. Recently, even Amazon has introduced the Pay Later option within Amazon Pay payments feature for users to buy and pay later.
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.
However, more details about the feature remain unknown. We will let you know once more information pops up. Hence, stay tuned.
