Facebook’s WhatsApp is planning to join forces with more Indian banks to extend banking services to low-income individuals and in rural areas, Reuters reported.
WhatsApp, which has around 400 million users in the country, has already partnered with ICICI Bank and HDFC Bank.
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Under this partnership, the messaging platform has enabled the banks to communicate with their customers via automated text messages.
In partnership with banks and other partners, WhatsApp also aims to expand its pilot projects to offer financial services including pensions and insurance, the report added.
In a fintech summit via a webcast, WhatsApp India head Abhijit Bose said: “We now want to open up with more banks over this coming year to help simplify and expand banking services, especially to the rural and lower-income segments.
“Our collective aim over the next two to three years should be to help low-wage workers and the unorganised, informal economy easily accesses three products – insurance, micro-credit and pensions.”
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By GlobalDataIn addition to teaming up with more banks, the US-based firm already unveiled its payment service in India and has been running it with limited users for over two years.
According to Reuters, the company is currently waiting for regulatory clearance on issues such as data localisation, ahead of a launch on a full-fledged scale.
WhatsApp stated that it agreed to store customer data locally to comply with the country’s requests.
Its parent company Facebook recently invested $5.7bn in Reliance Industries’ digital unit.
