At present, WhatsApp does not make much money for the Facebook founder. However, with the launch of WhatsApp pay in some countries, the scene is set to change soon. Put simply, the messaging app is all set to let users do something more than calls, messages, or setting WhatsApp status quotes.
The messaging app has 400 million active users in India. Zuckerberg aims to turn WhatsApp into a buying and selling platform. It has already signed a deal with India’s Jio Platforms to take its e-commerce dream a step further. Facebook has invested $5.7 billion in the Indian internet giant company, making it the firm’s second significant investment in its history so far.
A little bit of revenue
When it comes to money, the company makes 99 percent of its revenue by selling Facebook ads. WhatsApp initiatives offer an opportunity to diversify. At present, WhatsApp also makes a little bit of money by selling business accounts to firms who use it for sending business-related messages to customers.
As pointed out by Bloomberg, Facebook desires to play a crucial role in the link between customers and brands during the coming months. The company has already made its intention clear. The messaging app’s chief operating officer recently said they want WhatsApp to be the cash register while Facebook remains the storefront.
Facebook and WhatsApp Pay in selected markets
The company launched Facebook Pay in some markets, including the UK, while WhatsApp Pay service in others. Facebook tested WhatsApp in India for a considerable period but could not launch it formally due to lack of government clearance. It launched the service first in Brazil during June, and finally in India during December 2020.
At present, the app’s payment system has approvals in place from India’s UPI and NPCI payment systems. It enables the messaging app to support payment from 160 financial institutions. The list includes most of the reputed banks in the country. Adding bank details is easy; the user just needs to ensure that the mobile number registered with the bank is the same that they use for their WhatsApp account.
Besides WhatsApp payment, Facebook may also implement a plan to display and sell in-app ads within WhatsApp. From mere messaging to adding the calling feature and an option to add WhatsApp status quotes, the platform has come a long way. And Zuckerberg has got the potential to start milking this money cow soon.