WhatsApp plans to team up with more Indian lenders to expand banking services in rural areas and for lower-income individuals.
WhatsApp which counts India as its biggest market with 400 million users, has already tied up with banks including ICICI Bank and HDFC Bank, allowing them to communicate with customers via automated text messages on its business services.
According to WhatsApp’s India Head, Abhijit Bose told a fin-tech summit, “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.”
The partnership will help ensure people’s access to financial services such as insurance, microcredit, and pensions.
“Our collective aim over the next two to three years should be to help low-wage workers and the unorganized, informal economy easily access three products – insurance, micro-credit, and pensions,” Bose added.
The collaboration with banks would let customers communicate with their banks via automated texts. Users can register their WhatsApp numbers with their banks and can even check their balance, deductions, and more through the messaging app.