WhatsApp may start Lending Money for Citizens in India

WhatsApp has been developing the payment service in India for almost two years, and will shortly launch the app for everyone in India. However, some users can use the feature. On top of this, the Facebook-owned messaging app aims to extend its financial services by providing a credit card in India. Read on to know more about what WhatsApp plans to do in one of its biggest markets.

Updated: Apr 30, 2020 17:43 IST

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Hari Aditya

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Tags: App News Tech

New Payment Feature for WhatsApp Users

WhatsApp also made a statement to the local regulatory agency, which included reports of credits and loans, according to a study by TechCrunch. That indicates that WhatsApp is looking to begin offering loan facilities for users in India. According to the complaint, credit and loan tend to be the "main objects to be pursued by it in the country."

To remember, at last year's event in Bengaluru, WhatsApp's Indian Product Head Abhijit Bose provided us an insight that WhatsApp would soon offer more than just the opportunity to submit and receive money to users. Therefore WhatsApp is likely to launch its credit service in the country early.

WhatsApp has been authorized by Nation Payments Company of India (NPCI) to launch WhatsApp Pay in India for those who don't learn, and it reaches users in the country in phases. Currently, the function is available under the WhatsApp settings in the Payments option.  Additionally, Facebook has suggested that WhatsApp has around 1 million WhatsApp users can use WhatsApp payments service in India.

When introduced, WhatsApp's credit functionality would clash with the likes of many other payment channels that provide the service. This involves, among others, Paytm, MobiKwik providing users with credit facility. Even Amazon has recently launched the Pay Later alternative for consumers to order and pay later on inside Amazon Payment app. 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.