WhatsApp considers loaning MONEY to chat app users, but there's a catch
WHATSAPP is planning to bring quick access to loans within its hugely-popular chat app. But there's a catch - not everyone will be able to access the messaging platform's exciting new feature. Here's what you need to know.
WhatsApp could be planning to significantly step up its payment ambitions. The hugely successful chat app already has ambitious plans to bring peer-to-peer transactions to allow users to send money to one another without leaving WhatsApp, but now it wants to bring loans to the service too. Yes, really.
Like the ability to ping money to friends and family within chat windows or group conversations, this new feature will be limited to India. The new feature was unearthed in a recent regulatory filing which states the Facebook-owned company would like to “advance money or give credit on such terms as may seem expedient, and with or without security, to customers and others.”
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Image credits-stock images
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Due to regulations, WhatsApp will not be able to hand out the loans itself – so it will have to partner with existing banking businesses to execute this crackpot new idea. Being able to complete the application inside WhatsApp could make it much easier to quickly access cash when you need it.
Earlier this month, Facebook invested $5.9 billion into India‘s top carrier Reliance Jio. As a part of this deal, a pilot programme to allow people to order groceries within WhatsApp. And previous reports suggest Jio is one of the companies looking to help WhatsApp bring its consumer lending business into the chat app.
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| Image credits -stock images |
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