WhatsApp partners with banks to expand shopping services in India
Messaging service and app WhatsApp is partnering with numerous banks and financial institutions in India to enable it to expand its payment services in the country for e-commerce.
WhatsApp, which is owned by Facebook, is rolling out its digital payments services in India in a phased manner, ET Bureau reported. WhatsApp’s payments feature ‘WhatsApp Pay’ runs with a Unified Payments Interface with a multi-bank model.
“We are partnering with banks and financial institutions so people can get help and services without entering a local branch,” said WhatsApp global head Will Cathcart on Tuesday at a virtual Facebook event, ET Bureau reported.
“Even as WhatsApp has become a way for hundreds of millions of people in India to communicate we feel we are just getting started.”
“Sending money should be simple, easy, and secure,” said Cathcart. “Digital payments give people a way to help one another, to create a world where micro and small businesses are the backbone of the economy.”
As WhatsApp expands its payments services in India, it will compete with businesses including digital payments and e-commerce business Paytm. The move comes at a time when e-commerce and digital payments are booming due to the effects of the ongoing coronavirus pandemic.
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