- Whatsapp started beta testing of their Whatsapp Pay in 2018 to enhance the security and functionality of the app.
- Whatsapp is now to partner with some financial institutions to make its services more accessible across the country.
- They are collectively focusing on helping the low wage workers by providing them services like —insurance, microcredit, and pension.
Whatsapp is all set to partner with the financial institutions and banks to make their financial product and services more accessible to all the users across the country.
Back in 2018, Whatsapp India has started beta testing of its UPI platform app ‘Whatsapp Pay‘ to enhance its security and product functionality.
UPI or Unified Payments Service is a payment service launched by NPCI (National Payments Corporation of India) which allows the users to send and receive money by utilizing the messaging platform.
“Whatsapp has been working for more than a year with different banks and financial institutions to extend their digital presence (especially in the rural areas) and accelerate the speed of financial access across segments and geographies in the country through Whatsapp Pay”.Abhijit Bose
Whatsapp Pay is collectively focusing on helping the low wage workers in the unorganized sector by helping them to easily access financial services like–insurance, microcredit, and pension.
Bose said: we are more acknowledged on providing financial services to rural areas because still today people are not aware of these financial services which can make their life easier.
Bose also said that even a small conversion of the demand will translate into a significant infusion of savings into the financial system, and said the company’s ultimate goal is for every Indian to have access and affordable micro pension, and insurance services.
Furthermore, Bose said: Whatsapp core principles are simplicity, reliability, privacy, and security and that’s the reason people trust us, our platform, and adopting new technology in our platform to offer better services to our end-users will ultimately help Whatsapp to expand its growth in digital services, especially financial services.
Today, India is the biggest market for Whatsapp having more than 400 million users