The company said with these latest updates, payments on WhatsApp becomes more ‘inclusive and intuitive’ as users can now send money using two of the most recognizable symbols all within the WhatsApp chat composer. The rupee symbol (₹) roll out has begun and would soon be available to users all over India, in the coming weeks.
Speaking at the Global Fintech Festival, Manesh Mahatme, director of Payments, at WhatsApp India, said more than 80% of WhatsApp users are very keen on using payments. “A lot of users not using digital payments currently also share that keenness,” he said and added: “We believe true inclusion is when customers don’t have to navigate their way through their phone to make a payment. An arrival point is when payments just fits into a customer’s intrinsic behaviour. Hundreds of millions of customers send WhatsApp messages every day. Spend many minutes on WhatsApp. Take a picture and send pictures. We want to make sending money as easy and simplified as sending a message.”
Mahatme said a very important part of the company’s strategy or approach is that it has a responsibility to then build on this platform and start offering ‘meaningful’ and ‘relevant’ financial services providing ‘true’ empowerment and inclusion for all. “Whether it’s around coming up with byte-sized financial instruments or products around micro insurance or micro pension etc, we see this as a sense of responsibility and our true eventual calling and point of arrival. This platform based approach tied with payments allows any used case in any corner of the country to reach directly to customers and start doing economic activity,” he added.
He said WhatsApp’s vision is to empower every Indian with access to payments and financial services, thereby accelerating economic empowerment and financial inclusion. “For cultivating and onboarding the next 500 million to the digital payments ecosystem, users need to be driven by simplicity, trust and inclusivity,” he added.
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ET had reported on September 22 that WhatsApp was planning to create greater awareness on payments almost a year after going live.
Mahatme said India needs ‘simple’ solutions that remove the friction to learn ‘How to Pay’, an inclusive product that is simple, relatable and easy to access for rural and urban users alike and a platform like WhatsApp that they can trust, to drive adoption.
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