Technology for MSMEs: During a company event on Tuesday, WhatsApp India Head Abhijit Bose said WhatsApp’s aim to achieve ‘inclusive banking’ via the API platform by replicating successful mobile banking templates with rural and cooperative banks.
Technology for MSMEs: As large technology enterprises continue to enhance their focus on Indian MSMEs and small businesses to drive growth, Facebook-owned messaging app WhatsApp too has digital solutions catering to small businesses. For instance, the company’s API Platform, which it launched in 2018 for businesses, allows companies including SMBs across multiple sectors such as retail and food and beverages, fintech, healthcare, e-commerce, restaurants, hotels, delivery/logistics, and more to connect with customers in a chat interface. At its Global Fintech Festival event on Tuesday, the company’s India head Abhijit Bose said that with WhatsApp, even the smallest enterprise can custom-digitize their processes and provide a smooth, world-class digital experience to their clientele and thrive in this India’s Fintech moment.
“We see massive potential in commerce conversations providing a huge impetus to the business growth and especially the progress of small business communities. 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 micro-business,” said Bose.
Facebook CEO Mark Zuckerberg in December last year at the Facebook Fuel for India 2020 event had said that the WhatsApp Business app has over 50 million users globally of which around 15 million are in India. In order to further ease selling for SMBs and other businesses on WhatsApp, the company had last November added a new Shopping Button for customers to discover business catalog and purchase goods from within the app. In December, WhatsApp had announced the launch of a new feature Carts to double down on its push towards chat-based buying and selling of products between merchants or small businesses and customers.
During the event on Tuesday, Bose further emphasised WhatsApp’s aim to achieve ‘inclusive banking’ via the API platform by replicating successful mobile banking templates with rural and cooperative banks. He said that while the banking services of major banks on WhatsApp continued to scale up, the first deployments have begun with small finance banks such as AU Small Finance Bank and Equitas Small Finance Bank. “This is a specific segment of banking created by RBI with an objective of financial inclusion for the un-served and underserved sections including small business units, small and marginal farmers, micro and small industries and unorganized entities.”