How can Banks leverage WhatsApp banking to launch wallet?
The global contactless payment market size is expected to grow from USD 10.3 billion in 2020 to USD 18 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
It’s an established fact that Contactless payment is the way forward for payments especially micro payments.
However, the barriers to adoption remain high for majority of merchants and customers across technology, cost, language & literacy levels:
- Slowdown in mobile app downloads
- Wallet provider Interoperability issues
- High wallet charges w.r.t Micro payments
- Low adoption of device based payment technology – NFC, Apple pay, Samsung Pay etc.
- High cost and maintenance of POS, Mobile App etc.
- Language barrier
- Usability issues
Why WhatsApp chatbot for wallet?
- WhatsApp is the most used messaging platform in 180 countries with over 1.5 bn users.
- WhatsApp is used across age groups, literacy levels, segments etc.
- WhatsApp offers a secure WhatsApp business API for transaction processing. It’s the ideal platform for a bank to offer a Mobile wallet/payment service to increase user adoption, new customer acquisition and reduce cost to serve.
However, Chat Banking can be challenging when it comes to user identity, data privacy and authentication of the user for transactions.
Security and compliance requirements for a continuous scrolling interface like WhatsApp are completely different from Mobile and internet banking. Banks have to deal with lost phones, unattended/unlocked phones, sim swap and many more such situations which can lead to fraud.
So, how can a Bank offer secure payments to win customers from mobile money/wallets via WhatsApp banking.
- Offer secure WhatsApp chatbot banking solution with secure PIN, explicit login/logout, MFA and inactivity based timeout.
- Ensure seamless self-service onboarding for existing digital customers.
- Frictionless onboarding via Progressive profiling for first time digital customers.
- Enhance adoption with instant WhatsApp based account opening linked to a Virtual account for new customers.
- Offer multiple languages to enhance engagement.
- Use Natural language processing to humanize interactions.
- Enable simple Merchant code/identifier based payments on WhatsApp with Amount based authentication e.g. MFA for transactions above USD 50 only.
- Allow customers to store personal reminders & use biller triggers for auto reminders with deep link to facilitate fast transactions.
- Omni channel Notifications to remind customers about upcoming payments like Electricity bill, credit card etc.
- 1Inbuilt customer service with human handoff to support agents for instant resolution.
BankBuddy offers all of the above and more to help your bank launch a full service WhatsApp banking chatbot and wallet with pre-built customer journeys, security and core banking adapters.
Read more about how WhatsApp banking is made fraud-proof with multifactor authentication https://bankbuddy.ai/Why-BankBuddy-is-the-most-secure-WhatsApp-banking-platform