The news: WhatsApp users in India can buy groceries within the app through an integration with JioMart, a retail joint venture between tech giant Jio Platforms and Indian conglomerate Reliance Industries, per a press release.
Key context: Users will be able to make payments through the Unified Payments Interface (UPI), India’s mobile bank-to-bank instant payment system.
Meta gained approval this year to expand WhatsApp’s payments business from 40 million users to 100 million users—a small share of the 532.2 million people expected to use WhatsApp in 2022, per Insider Intelligence forecasts, making India WhatsApp’s largest market.
The opportunity: Online grocery is taking off across India. WhatsApp can use its integration with JioMart to jump on this trend and encourage more users to try its payments service.
The tie-up can also help WhatsApp compete more effectively with other payment platforms, like PhonePe, Google Pay, and Paytm—which together held the largest share of UPI volume in July, per NPCI data. And Meta can use the partnership to increase its offensive against retail giants Amazon and Walmart-backed Flipkart.
Related content: Check out today’s Retail & Ecommerce Briefing to learn about how the move plays into Meta’s conversational commerce ambitions.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
11 Times SquareNew York, NY 100361-800-405-0844