WhatsApp India is set to launch pilots in the segments of small-business loans, micro-pension, digital lending and insurance in partnership with domestic service providers.
The company is also looking at creating digital profiles of micro, small and medium enterprises (MSMEs) through banks, which will lead to smarter modes of lending. With this, WhatsApp India aims to help MSME’s digitise over the next 18 months.
According to WhatsApp India, it has about 400 million users, and can bring at least 200 million new users to unified payment interface (UPI) payments.
Outlining its plan, WhatsApp India said that it will work with banks, financial services companies and fintech startups to get regulatory approval and come up with products leveraging its distribution to reduce costs. Once these solutions become successful, it will co-invest further in them and scale using the venture model.
However, WhatsApp India is yet to get the central bank’s nod to launch full-fledged payments services through the UPI channel and has been in the beta stage since February 2018.