translated from Spanish: WhatsApp will offer online financial services

WhatsApp opened a testing phase to offer different types of financial services through the app. The purpose of the App belonging to Facebook is to provide loans, loans, pensions and facilities to its users.

The experience will begin in India. It has been operating since 2018 WhatsApp Pay, a Mercado Pago-style app, where users associate their card with the instant messaging service and pay for services or their daily purchases.” Over the next two years, we are committed to opening up in business ways we’ve never had before. We are going to launch a lot of experiments,” announced Abhijit Bose, head of the company in India. However, it was found that the Government prevented the platform from having operations similar to those of a bank.

Conversely, this did not discourage application leaders, who are now looking to partner with one or more banks, in order to carry out their plan. This is a very attractive option for banks, as it would give them the opportunity to approach low-income people and those who are not banked. WhatsApp has two reasons for choosing India as a country to experiment in the financial field. The first is because of the large number of users who use the platform there. The second is because multi-country regulations do not allow a non-bank platform to offer financial services.
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Original source in Spanish

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