Tuesday, August 4, 2020

With Jio, WhatsApp Pay to empower millions of Indians: Zuckerberg

Must Read

Kashmiri youth develops mobile file sharing app

Budgam: A youth from Jammu and Kashmir’s Budgam has developed a mobile phone application –“File Share Tool” which allows...

Rhea Chakraborty, family left building in middle of night: Reports

Mumbai: Actress Rhea Chakraborty, who has been missing over the past few days, reportedly left her building in the middle...

Now you can use Google Chrome to quickly create PDF

New Delhi, Aug 3 : You can now easily create a free Adobe Acrobat PDF from any Microsoft Office...

New Delhi: Reiterating his commitment to launch WhatsApp Pay for over 400 million users of the messaging platform in India, Facebook CEO Mark Zuckerberg said that the Reliance Jio partnership is a huge opportunity to enable small businesses and individuals in the country to buy and sell things through WhatsApp.

Talking to analysts during an earnings call on Thursday, Zuckerberg said that a lot of people use WhatsApp, especially in India.

“We want to enable that. That starts with enabling payments. A big part of the partnership that we have with Jio will be to wire up and get thousands of small businesses across India on-boarded onto WhatsApp, to do commerce there,” the Facebook CEO emphasised.

Facebook-owned WhatsApp has been testing its payments platform in India for quite some time now but has not been successfully in launching it owing to regulatory hurdles.

Reliance Industries (RIL) Chairman Mukesh Ambani said this month that the new commerce platform JioMart and Whatsapp will be working closely to create growth opportunities for millions of Indian small merchants and kirana shops.

“Over 400 million WhatsApp users in India bring unique value to our partnership,” Ambani said at the company’s first annual general meeting.

Zuckerberg said that they are really excited about the opportunity in India.

“Once we prove that out with Jio in India, we’re planning on expanding it to more folks in India and to other countries as well. But, there’s no doubt that India is a huge opportunity,” he told the analysts.

According to a latest Goldman Sachs report, the recent RIL and Facebook partnership can potentially increase the monetization levels of India internet as consumers in the relatively higher income bands (Urban Mass and Urban Middle) are monetized through transactions – redirecting traffic from social media to e-commerce, O2O, financial services.

“We believe the recent Reliance Industries (RIL) and Facebook partnership could increase monetization levels of India internet, and garner 25% of all internet Gross Transaction Value (GTV) by FY25,” Goldman Sachs said.

“With a user base of 400 million plus in India, and three out of the top five apps in the country (in terms of Daily Active Users and time spent), we believe Facebook, along with its partner RIL, can bring more transacting users (100 million currently) into the fold, especially in e-commerce, the largest internet category,” the report mentioned.

In India, there are more than 15 million monthly WhatsApp Business app users.

In April, Facebook announced a $5.7 billion, or Rs 43,574 crore, investment in Jio Platforms.

“It is the largest country by the size of our community that we’re serving already. And it should be one of the fastest growing business opportunities as well to help businesses grow there, and we’re very excited about that,” Zuckerberg said during the earnings call.

Disclaimer: This story is auto-generated from IANS service.

Subscribe us on The Siasat Daily - Google News

Latest News

Kashmiri youth develops mobile file sharing app

Budgam: A youth from Jammu and Kashmir’s Budgam has developed a mobile phone application...

Rhea Chakraborty, family left building in middle of night: Reports

Mumbai: Actress Rhea Chakraborty, who has been missing over the past few days, reportedly left her building in the middle of the night along with...

Now you can use Google Chrome to quickly create PDF

New Delhi, Aug 3 : You can now easily create a free Adobe Acrobat PDF from any Microsoft Office or image file simply by...

Sushant’s sisters mourn the absence of their brother on rakhi

Mumbai: While the country celebrates Rakhsha Bandhan, sister of Sushant Singh Rajput appears to miss their brother.The three sisters of Sushant Singh Rajput, Mitu...

Do not allow IPL in Dubai, CAIT urges Shah, Jaishankar

New Delhi, Aug 3 : A day after the Board of Control for Cricket in India (BCCI) decided to hold the 13th edition...

More Articles Like This