In a strategic move sure to boost its commerce prospects, WhatsApp, owned by Meta, is set to incorporate credit card payments and services from other digital payment providers in its application for its extensive Indian user base.
What Happened: Meta is looking to fortify its business messaging sector as its next significant sales pillar, Reuters reported. The development comes at a pivotal time, with Meta’s central ads business and metaverse project grappling with heightened scrutiny.
WhatsApp has a robust user base of over 500 million in India, although its in-app service, WhatsApp Pay, is restricted to only 100 million users by regulators. Nevertheless, this limitation will not apply to users transacting with businesses via the new payment methods, a Meta representative confirmed to the business news publication.
In India, approximately 30 crore people transact a staggering $180 billion (₹15 lakh crore) through the unified payments interface (UPI) each month. The new transaction methods rolled out by WhatsApp could potentially lure businesses to pay Meta for tapping into its vast pool of WhatsApp users.
In addition, Meta is broadening the scope of its Meta Verified subscription program for businesses worldwide, providing them a credible platform to validate their authenticity and amplify their content visibility in user feeds.
The new payment tools and the Meta Verified subscription will be incorporated into WhatsApp’s business platform, primarily catering to large companies.
Why It Matters: With these strategic developments, Meta is poised to strengthen its foothold in India’s thriving digital payments landscape. By expanding the range of in-app payment options and extending its Meta Verified subscription program, it could not only enhance user experience but also provide businesses with a more comprehensive platform for engagement and transactions.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.