WhatsApp says hello to the banking & payments world in emerging markets
- Risav Chakraborty and Sanjeev Kumar
- 3 mins read
- Embedded Finance, Insights
Table of Contents
As digital payments and mobile wallets gain traction with growing internet access, tech biggies like WhatsApp are stepping in to fill gaps left by traditional banks. With 2 billion users, WhatsApp’s nifty setup enables instant and convenient peer-to-peer and peer-to-merchant transactions, reshaping money handling in the internet economy.We have explored Meta’s forays into fintech and crypto earlier. In this article, we’ll decode how WhatsApp is championing digital commerce and financial inclusion in emerging markets. Driving digital payments in Asia WhatsApp Pay is making some serious moves in Asia, especially in India, Indonesia, and Singapore. WhatsApp Pay joined the Indian digital payments revolution in 2018, launching under India’s National Payments Corporation (NPCI). It saw 0.31 million UPI payments in its first month, and by April 2023, transaction value hit a hefty $160M. To further accelerate customer adoption, they’ve got a cashback deal with RazorpayX, and a cool tie-up with JioMart for easy grocery payments.WhatsApp is also putting its best foot forward in other Asian countries such as Indonesia and Singapore. In Indonesia, they’re buddying up with MC Payments, and in Singapore, they’ve got a thing going with Stripe. This makes it a breeze for businesses to accept payments directly through WhatsApp […]
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