WhatsApp plans to lend money to users in India

WhatsApp plans to lend money to users in India

WhatsApp's ambitions to provide financial services in India go beyond the idea of ​​mediating between users to send money. Rather, it is now considering switching to a bank that will also lend money.

WhatsApp has submitted an official government request for authorization to provide financial services that provide money or credit with and without guarantees and protections for customers and others.

Laws in India prevent WhatsApp from providing any banking services as it is not a banking institution but an instant communication service. So she will have to cooperate with a bank in India to provide these services by applying them.

WhatsApp financial efforts in India clearly appeared in 2018 when it began testing the unified payment interface on a sample of one million users. But legislation and laws applied many restrictions and barriers to them, so WhatsApp changed its direction to launch its own payment service and did not obtain the necessary licenses.

WhatsApp has 400 million users in India which is one of the largest and most important international markets, so there is a great opportunity for it to compete with digital financial services via smart phones such as Paytm, PhonePe and even Tez from Google.

Last week, Facebook invested $ 5.9 billion in the largest Indian telecom operator, Jio, and the deal will make WhatsApp a major platform in several uses, including ordering groceries from the company’s JioMart store.

It is reported that Amazon launched the Pay Later service yesterday in India, which allows users to purchase products with a balance of approximately $ 260 and pay for them later.