July 24

Facebook’s WhatsApp to Partner with More Indian Banks in Financial Inclusion Push

By Sankalp Phartiyal

Facebook Inc’s WhatsApp plans to team up with more Indian lenders to expand banking services in rural areas and for lower income individuals, the messaging platform’s country head said on Wednesday.

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 service.

“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,” Abhijit Bose, WhatsApp’s India head told a fin-tech summit via a webcast.

Photo courtesy of Betshy.

Source: Reuters (link opens in a new window)

financial inclusion, fintech