Why should you launch a WhatsApp Wallet today?
The launch of WhatsApp pay in India opens the doors for 400 mn users of WhatsApp to securely pay in the most frictionless manner with the simple & familiar user interface & no hassle of downloading multiple mobile apps.
This is by far one of the biggest foray of BigTech in financial services and will have a far reaching impact on Banks across geographies.
On the positive side, banks have an opportunity to use WhatsApp Business API and offer full banking services to customers in a secure manner.
While there are many flavours of WhatsApp banking offered by banks, best in class banks offer secure frictionless WhatsApp transactions. Read more
But the true differentiator will be to augment WhatsApp banking with a private label WhatsApp wallet.
So, what’s a WhatsApp Wallet?
Apart from being a tongue twister, a private label WhatsApp Wallet of a bank is a virtual stored value instrument which can be used by both ETB & NTB customers in a seamless manner from your bank’s approved and verified WhatsApp account to make and receive payments.
Let’s explore what a WhatsApp Wallet can do for you:
1. Convert the non-digital customers
Being a new channel, it’s quite natural that the non-Digital native customers would have apprehensions around using WhatsApp banking, very similar to initial reactions to mobile apps. A wallet with limited exposure and can help the ”apprehensive” customers get a taste of the User experience by making WhatsApp based payments, transfers, airtime top-up, bill payment and more.
2. Financial inclusion
Remove all the barriers to adoption including cost, language & literacy. Extend your reach to underserved banking segments by offering an easy to use WhatsApp payment wallet with stored value option for day-to-day transactions.
Remotely onboard new customers with eKYC and enable wallet payments on the most popular messaging channel.
3. New customer acquisition
Acquire new customers by offering non-bank customers the experience of a WhatsApp wallet facility with multi-level eKYC.
4. Enhanced Customer engagement
Offer wallet customers the added convenience of inbuilt beneficiary management for blazing fast transactions.
Extend the engagement with reminders, standing instructions, investments/saving, loyalty rewards, coupons plus more
Engage your wallet customers and extend your services by recommending personalized offers and rewards based on a dynamic customer persona.
BankBuddy WhatsApp wallet in conjunction with bankBuddy WhatsApp banking is the most frictionless and secure way to transact, onboard, and engage customers.
Deploy WhatsApp payment wallets with pre-built customer journeys, security and core banking adapters.
Read more about our dynamic digital onboarding platform with progressive profiling https://bankbuddy.ai/Composite-AI-for-Frictionless-Digital-customer-onboarding