WhatsApp Now provides banking services to over 2 million ICICI Bank customers

WhatsApp is becoming bigger in India – it is not only an instant messaging app, but also an independent platform that provides banking services to customers of commercial banks in the country. At a Facebook ‘Fuel for India’ virtual event on Wednesday, ICICI Bank announced on WhatsApp that two million customers have accepted banking services. Commercial Bank is also one of the five banking partners that will power WhatsApp’s payment feature, which was initially available to 20 million customers in the country.

ICICI Bank Launched its banking services WhatsApp It hit the one million customer mark in April and July. These services allow bank customers to check their account balance, view their last three transactions and locate their nearest ATM and bank branch through the instant messaging app.

This effort has helped the bank to facilitate our customers conveniently and remotely without visiting the branch during the epidemic, ”said Bijit Bhaskar, Head, Digital Channels and Partnership, ICICI Bank.

In addition to offering its banking services, ICICI Bank is one of the few banking partners to launch payments on WhatsApp. Green signal received It was broadcast live from the National Payments Corporation of India (NPCI) last month and currently has over 20 million subscribers.

Similar to ICICI Bank, Axis Bank And HDFC Bank, Two other partners for the payment feature on WhatsApp, also see the potential in the messaging app to support their customers.

“As a digital friend, WhatsApp has the ability to support our customers seamlessly on a single platform by handling services, onboarding and grievances,” said Sanjeev Moghe, Axis Bank, EVP and Head-Cards and Payments.

HDFC Bank Country Head for Payments Business Parag Rao said the partnership with platforms including WhatsApp was another important step towards achieving financial inclusion.

Before formally launching last month, WhatsApp has been testing its payment service in the country for some time. The Facebook-owned platform also faced Allegations of infidelity. But the Competition Commission of India (CCI) said in its order in August No infringement found Laws of infidelity.

NPCI last month allowed WhatsApp to create payment support “graded” based on the Unified Payments Interface (UPI). However, WhatsApp announced on Wednesday that the feature is live in the country.

WhatsApp is present Over 400 million users In India. However, the payout feature is limited to about five percent of that customer base. State Bank of India and Geo Payments Bank are on the list of banking partners for payments on WhatsApp – ICICI Bank, HDFC Bank and Axis Bank.

Facebook CEO Mark Zuckerberg said on Tuesday he had asked To push the pay feature more deeply WhatsApp in the country.

In 2020, will WhatsApp get the killer feature that every Indian is waiting for? We discussed this Orbit, Our weekly technology podcast, you can subscribe to Apple Podcasts Or RSS, Download the episode, Or press the Play button below.

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