Facebook-owned WhatsApp is now going to partner with more Indian banks to expand the banking services in the South East Asian country. Teaming with the banks will give more of lower-income individuals in the country access to banking services.
The country’s WhatsApp head, Abhijit Bose, has said that the company will be opening up to more banks in the coming time to address the need for expansion of banking services for the rural and lower-income segments.
He further said: “Our collective aim over the next two to three years should be to help low-wage workers and the unorganized, informal economy easily accesses three products - insurance, micro-credit, and pensions.”
The mobile messaging app has been offering payments service in a limited capacity in the country for about two years now. So far, the U.S. Company has tied up with banks in the country including HDFC Bank and ICICI bank. These tie-ups help the banks to stay in contact with their customers.
India is WhatsApp’s biggest market with over 400 million users. The new tie-ups with the Indian banks will focus on delivering three products including insurance, micro-credit, and pensions to low-wage workers and those involved in the informal economy.
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