In the past few weeks WhatsApp and UPI was in the news
JioMart is now integrated within WhatsApp for over 530 Mn users of the messaging app in India
WhatsApp users can now book Uber rides through the messaging app (they don’t need the Uber app for the same)
In a notification issued by the NPCI, it has allowed WhatsApp to double the number of users on its payment service from 20 Mn to 40 Mn
UPI transactions crossed the $100 Bn value mark for the first time in Oct
RBI to launch a UPI-based payment product for feature phone users
Connecting the Dots
The integration with Jio and Uber give WhatsApp direct access to the middle class and upper middle class which will help it to maximize its digital payments base
As per TRAI data, India has over 300 Mn feature phone users, who will be able to avail UPI-based services, once the service goes live
Out of 300Mn ,110 Mn are JioPhone users, which also support WhatsApp
So, WhatsApp can leverage JioPhone integrations to market its payments service to the bottom of the pyramid
It’s not about only Payments
Micro pensions: - WhatsApp partnered with PinBox to give access to millions of workers to buy a micro-pension within minutes.
Health insurance: - WhatsApp had also seen growth in the pilot where people can access and purchase health insurance from State Bank of India (SBI).
Microfinance: - WhatsApp plans to team up with lenders to expand banking services in rural areas and for lower income individuals.