Facebook-owned messaging app WhatsApp, for two years has been testing its mobile payment service WhatsApp Pay, which allow people to send money to other WhatsApp users. However, the WhatsApp payment service has been struggling and hasn't been much of a success, given that India is its largest market.
Not giving up, WhatsApp is reportedly working on entering the lending space in India. According to TechCrunch, the company, in a local filing has listed credit as one of its business plans. This comes a day after Amazon introduced 'Amazon pay Later' service in India.
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TechCrunch says the "Facebook-owned service declared with the local operator earlier this month providing credit or loans as one of the 'main objects to be pursued by it in the country'."
The technicalities of the credit offering hasn't been detailed yet, and we cant say much about it. However, what we know is that this credit feature will be launched after WhatsApp Pay has been rolled out commercially.
For now, Facebook says that only 1 million out of the 400 million WhatsApp users in India has access to the WhatsApp Pay service. A full roll out will take place after the messaging service has taken care of all pending compliance.
According to Credit Suisse (via techCrunch), WhatsApp's expansion in India's mobile payment is estimated to grow to $1 trillion by 2023.