Report, Loan will be available through WhatsApp, claims a report

Facebook is trying its best to launch WhatsApp Pay in India. For this, the social media giant is continuously engaged in talks with National Payments Corporation of India (NPCI). Even though WhatsApp Pay is currently in a phased roll out stage, Facebook has reportedly already started preparing to enter the lending market in India. In a regulatory filing, the company has highlighted the credit as part of its business plans in India. Let us tell you that this news has come out just a day after Amazon started ‘Amazon Pay Later’ service in India.

by TechCrunch access It has been learned from the listing that WhatsApp Payments has shown credit as a core part of its business plan in its recent Ministry of Corporate Affairs filing in India. There is currently no clear information regarding credit as to how the company will deliver the credit to the users. At present, it remains to be seen whether this credit will be a micro loan given to the customers or a loan given on purchasing goods through the payments portal. Whatever happens to either of these, it is certain that the upcoming credit facility will be launched commercially only after WhatsApp Pay is rolled out in India. Due to the ongoing COVID-19 pandemic, the world of loans is expected to see a boom and Facebook does not want to miss this opportunity.

This is why Amazon has also decided to offer instant credit on shopping done on its site, for which the company has started Amazon Pay later service. In this, loans are being given against groceries and utility bill payments. The new service gives users the option to repay the money in subsequent months at no extra charge and customers can also convert larger amounts into installments of up to 12 months. Flipkart has already been offering such an option under the name of ‘Flipkart Pay Later’, in which it provides credit facility to its customers.

After getting the license from NPCI in February this year, Facebook started rolling out WhatsApp Pay in a phased manner. It is said that this feature has so far reached 10 million i.e. more than 1 crore users in India. WhatsApp Payments service uses Unified Payments Interface (UPI) to enable mobile transactions. However, WhatsApp has more than 400 million users in India and the payment feature will be rolled out for all users only when it gets full permission from NPCI.