Facebook Jio deal: After Facebook announced investing $5.7 billion in Jio platforms, Facebook became the biggest minority shareholder. This association between Facebook and reliance industries will lead to a tie-up in jioMart and WhatsApp.
“If the Facebook alliance with Reliance Jio succeeds in onboarding thousands of small businesses onto WhatsApp, the social media giant would seek more partnerships in India, and even take the solution global”, said CEO Mark Zuckerberg.
Facebook inc. beat analysts by ending the second quarter with revenue of $18.69 billion, around one and a half billion more than estimated.
Whatsapp pay will be based on UPI (unified payment interface) is developed by the national corporation of India. It has been approved by the reserve bank of India as per the localization rules or payment platforms.
Facebook Jio deal Abhijit Bose WhatsApp India’s head informed about WhatsApp pay which includes making payments to individuals and making a business transaction. He added that the program will also offer credit, insurance, and pension products to low-income individuals. 15 million users have been registered on WhatsApp business earlier this year.
400 million (out of 500 million) users on WhatsApp are Indians. Facebook is still waiting for regulatory permission from the Indian government. CEO also plans to spread the platform to other fields for farmers, students, teachers, and other SMEs.
“It’s very connected to what I was just talking about around messaging commerce. A lot of people use WhatsApp, especially in India. There’s a huge opportunity to enable small businesses and individuals in India to buy and sell things through WhatsApp.
We want to enable that. That starts with enabling payments,” Zuckerberg told analysts. He aims to use messaging commerce by connecting small businesses to people in developing countries. This messaging commerce plans to help the business of around 30 million kiranas. The deal will soon enable people to place orders on JioMart through WhatsApp which will act as a link for small businesses.