Facebook says that it will not earn any money from creditors in this program. According to the company, the company does not have any revenue share in this program. Pacebook will only create a business environment through its platform which will benefit the companies.
Now social networking company Facebook has also jumped in the loan business. Now this company will provide loans to the people of India. For this, Facebook has joined hands with India’s online loan company. These loans will be for small business which will require minimum paperwork to take it. Facebook’s focus is more on the fact that by giving loans, the business of companies will increase and the advertisements of these companies will earn a lot by running on the Facebook page.
Facebook, the largest social media company in the world, has tied up with a domestic company to increase the loan business in India. The name of this company is Indifi Indifi. Facebook and Indify will jointly give loans to small businessmen of India.
Indify is an online lending company in India. Together, both the companies will give loans ranging from Rs 500,000 to Rs 5,000,000. Ajit Mohan, managing director of Facebook in India, gave this information to Reuters. According to Ajit Mohan, Facebook can charge up to 20 percent interest from the creditors.
There will be a bumper benefit from advertising
Facebook says that by providing loan facility, small businesses in India will benefit greatly and small businessmen will be able to run their business amidst the challenges of the Corona epidemic. In view of the importance of small business in India’s economy, Facebook has taken this step forward. This will also give a huge advantage to Facebook as businessmen taking loans will be able to advertise on its social media platform.
The second big advantage will be that companies borrowing from Facebook will be able to use platforms like Facebook, Instagram and WhatsApp to spread information about their products among the people. This will help in increasing the profit of the creditor companies along with Facebook and increasing the customer base among the customers.
What is Facebook preparation
Facebook says that it will not earn any money from creditors in this program. According to the company, the company does not have any revenue share in this program. Pacebook will only create a business environment through its platform which will benefit the companies. Accordingly, the loan scheme will be run on the basis of the earning from the app and advertisement.
This loan will be purely for small business. These businesses or companies will have to advertise on Facebook’s social platform. Ads will also run on Facebook’s social apps like Instagram and WhatsApp. This ad must be for at least 180 days. With this move of Facebook, India’s small and big companies will be able to shine their business through advertising and increase the share of earnings.
India biggest market for Facebook
India is a huge market for Facebook with more than 400 million users. From the point of view of WhatsApp, India has the highest number of 53 million users in South Asia. There are about 21 crore users on Instagram. Last year India has banned Tiktok, Facebook has benefited the most. People who have left Tiktok are now promoting themselves or sharing videos etc. through Facebook’s app.
Company’s focus on crores of users
To understand how much Facebook’s focus is on India, its strategy can be understood. Last year, this company invested $ 5.7 billion in Reliance Industries, the company of India’s billionaire businessman Mukesh Ambani. This investment was made in the digital unit of Jio Platforms.
WhatsApp is going to benefit from this because WhatsApp is going to give the benefit of payment service to millions of customers of mom and pop store. Like all the payment companies of the country and the world, WhatsApp has also started this service and its focus is on its crores of users of India.
WhatsApp will be linked to insurance, pension
Along with this, Facebook’s company WhatsApp has tied up with many banks, under which many banking facilities are being provided through this app. Banking facilities are being provided to customers through instant messaging. Gone are the days when every small and big information was taken by calling the customer care.
Banks have given WhatsApp number for this, where chatbot-like facility is available. A similar plan is now being made for the financial services of the pension and insurance sector, where customers will be able to get information related to pension and insurance in an accessible way in a short time.
