WhatsApp calls UPI a 'revolutionary platform' from India that will set a global template
WhatsAppis big in India. Huge, actually.
It has 400 million active users, which is higher than parent Facebook's 346 million, and also more than any other digital platform's user base in the country.
While the first phase of WhatsApp's explosive growth was led by consumers, the second boom could come from businesses.
Or so, the company wants.
At the inaugural FacebookFuel for India event, WhatsApp India Head Abhijit Bose said, "WhatsApp is an intrinsic part of our social fabric and is empowering millions of lives in India. We are deeply committed to digitising and scaling the small business ecosystem here and are developing specialised tools for kirana shop owners."
Interestingly, India already accounts for the largest share (15 million) of WhatsApp for Business accounts (50 million) globally.
This tool enables businesses to connect with customers seamlessly, and also lets users browse through shopping catalogues and place orders within WhatsApp.
Abhijit Bose, Head, WhatsApp India
Snehi Jha Mehta, WhatsApp Product Marketing, India, said, "Using WhatsApp to conduct business marks a turning point for small businesses that are reinventing themselves and entering the digital world in the wake of the COVID-19 pandemic. WhatsApp has proved to be a leveller to ensure no business gets left behind.”
The Facebook-owned platform is looking to further scale up its B2B offerings across key segments like fintech and financial services, health and government initiatives, education and learning, and social impact.
"We will continue to invest in our business APIs to make it easy for consumers to access financial institutions, education, health, and government services. We will also grow digital payments through WhatsApp Pay across underserved segments. We believe UPI is a revolutionary platform that will become a template for the world."
WhatsApp also announced that Indian users, especially in rural areas, will soon get access to "sachet-sized health insurance" products on their mobile phones.
With COVID-19 having accelerated the need for healthcare, the Facebook-owned platform is committed to bringing a host of health and financial partners on its platform "so that every adult has access to the most critical services on mobile".