From messaging to banking: WhatsApp


Through the API platform, WhatsApp intends to establish “inclusive banking“.  

Big technology firms keep on rising their interest in MSMEs in India. The popular messaging app WhatsApp which is owned by Facebook also has come forward with ideas to help small entrepreneurs.  

WhatsApp’s India region head Abhijith Bose spoke at the Global Fintech Event on Tuesday. He optimistically praised the role WhatsApp is going to play in the enterprise of small firms. With the help of WhatsApp, these small businesses can provide a good digital experience to their clients.  

In 2018, WhatsApp got off its API platform. This API platform allows firms like SMBs and several other sectors (restaurants, Healthcare, real-estate, e-commerce, textiles, bookshops, telecoms, etc.) to associate with their customers or clients via chat.  

In November, Shopping Button was introduced in the application. This new button placed near the voice button eased the shopping experience of users. Earlier the customers had to go to the respective profiles to see the catalogue. The Shopping Button enables them to view it on the chat screen itself.  

In December, Carts was introduced in WhatsApp.  Carts enable the customers to have a glance at the catalogue, select different types of products, and give the order to the enterprise in just one message.   

More and more shopping is happening via chat. The process of buying and selling is easier in chat rooms.  

WhatsApp is also planning to make features like “About”, “Last seen” and “Profile Picture” customized. Thus, it focuses on the privacy part of consumers also.  

The company aims to enable and digitalis business.   

Global users of WhatsApp accounts for 50 million members. Of this 50 million, 15 million are from India.  

Small firms can or must be a part of the Fintech movement in India. WhatsApp’s new goal is to gain “inclusive banking” through the API platform by replicating successful banking templates with rural and cooperative banks. The banking services of the major banks extended and strengthened in WhatsApp. Small finance banks are also becoming a part of this.  

“WhatsApp-API can be instrumental in providing quick customized solutions to handle unique challenges, whether it’s for a large enterprise or a solopreneur or a microbusiness”, said Abhijith Bose. 

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