Whatsapp is the most popular mobile messaging service in the world, with almost 1.6 billion monthly users, of which at least 450 million open the application once every day.
A decade after its creation, it became the most demanded app during 2018 on Google Play, with 747 million downloads. In Argentina, it is used by 80% of the population, according to data from the Statista consultancy.
To take advantage of such popularity, there are already two banks that launched a function in the country so that their clients can make money transfers to their contacts from this platform or from any other online messaging, such as Telegram or Facebook Messenger. And everything indicates that there are several entities that will be added to this move.
Moreover, a fintech even allows anyone (even without a bank account) to apply for a WhatsApp loan, by sending a selfie as the main requirement and without having to approach any branch.
While all banks offer the option of checking account balances, making transfers or buying dollars through the cell phone, they are now making progress in sending money (or receiving) money by using this platform even without leaving a conversation .
The first to develop this function was Banco Itaú. To use it, just download Itaú Key, which incorporates a keyboard that is activated when the user wants to make a WhatsApp transfer.
"The idea arose from our goal of integrating ourselves into people's digital lives, as a conversation with a friend, for example," says iProUP Fredericka Summers, manager of Banco Digital y Transformación del Itaú.
This keyboard can be used within several applications, such as WhatsApp, email and even Facebook Messenger. The question that the entity receives most is linked to the reliability of sending money through these types of platforms. "It is as safe as operating through Home Banking, as the system asks for a username and password again," explains the directive.
Some data provided to iProUP by Itaú illustrate the degree of acceptance of this "4.0" service:
- More than 90% of funds sent are already made through digital channels
- The growth of mobile users has been 85% in the last year
- Transfers are $ 2,000 average, when homebanking is $ 10,000
"Transfers are one of the most used operations, so we seek to facilitate them. The potential is significant," Summers details.
Closer in time, Banco Macro added this function under the name "Chatferences". In this case, the virtual keyboard that allows you to send money is downloaded directly from the app and works on WhatsApp, Skype or Telegram.
"It is a solution designed specifically from the demand: it is what the consumer requires today," Milagros Medrano, manager of Institutional Relations and Customer Service at Banco Macro, an entity that recorded a 24% growth in digital customers, told iProUP. last year.
The executive adds that the changes are a response to technological evolution, since "consumers are demanding simpler and more agile products and services that adapt to their new lifestyle."
Beyond these solutions offered by banks, WhatsApp launched its service for money transfers. The result? A true boom. To the point that, for example, in India shortly after filing, it processed one million transactions in just thirty days, according to the National Payments Corporation of that country.
After that test, Mark Zuckerberg, owner of Facebook and Whatsapp, said he will "go out with everything" to expand that functionality to other territories. Will Cathcart, responsible for addressing this progress, anticipated that this function "will be extended to a large percentage of people using WhatsApp and in less than a year."
International media, such as the Financial Times, speculate that Brazil will be the next destination, as it is the second market in terms of number of users, after India.
How to transfer money without leaving WhatsApp
1. - The first step is to download the app that allows access to the virtual keyboard provided by the bank. In Itaú, it is called Itaú Key and can be obtained in the application store. In Macro, from the menu you have to look for the option to download the keyboard
As already mentioned, you must log in with the same username and password used to enter the home banking of these entities.
2. - Then, you have to accept the option that allows you to live with the traditional telephone keypad. On Android, it can be done directly from the app; while on the iPhone it is approved by entering the Settings screen, then pressing the options General, Keyboards and, finally, Add new keyboard.
3. - Once activated, it will not appear to the naked eye as soon as WhatsApp opens. In the case of the Brazilian entity, a button with the figure of a globe that allows to activate Itaú Key is shown below the keyboard. In the case of Macro, that icon is above (on the keyboard). In both, you will have to put the name and user of home banking
4.- It only remains to choose the Uniform Bank Code (CBU) of the recipient of the funds and the amount. In the case of Macro, there are all the CBUs that the user has loaded in their bank contact agenda. As for Itaú, you have to load them manually.
Loans with a selfie
The fintech Credicuotas, of the BIND Group, enabled in May the possibility that anyone can apply for a loan from WhatsApp. The entire process is done through chat until the contract is signed, which is sent by mail and must be signed online.
Through this channel, 400 credits were delivered in three months for a total of 3 million pesos (average amount of $ 7,500). Everything is done virtually, since a bot is answered by the client and, in the same conversation, the required documentation is sent.
"We added the WhatsApp channel because it is the medium that we all use today," explains Ezequiel Weisstaub, co-founder and CEO of Credicuotas, one of the leading firms in the microcredit sector, with more than 100,000 users.
The first step in requesting a loan is to schedule the Credicuotas cell phone and talk to the bot through the messenger that will guide the user during the process. The only two requests are a selfie and a photo of the ID.
"With this we check the identity of the person, since it is someone we do not know. We are not a bank that has all the previous information of a client," says Weisstaub. The company crosses data with the National Registry of Persons (ReNaPer) to verify that whoever requests financing is effectively who they say they are.
To establish its risk profile, the check is carried out with databases of the Central Bank, social networks and credit histories of private companies, a process that takes just one minute. Thus, the company determines the maximum amount it will lend and at what interest rate. The last step is the digital signature of the application that arrives by mail.
Since these are the first months of loans, Credicuotas conclude the process with a phone call to verify that the person has actually requested the loan.
As for the profile of the applicants, they are between 25 and 35 years old, and although they have a bank account they only use it to collect the salary.
"They are young people to whom banks do not dare to give loans because they have no credit history," emphasizes Weisstaub, CEO of Credicuotas, who is excited about the new service channel: "It will allow us to grant loans in a scalable way, because one can use Whatsapp anytime and anywhere. "
This, precisely, is what the customer of the digital economy demands: simple, agile and personalized services. And at your fingertips - or cell phone - at the time you need it.
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