According to Techcrunch:
WhatsApp plans to offer credit, insurance and pension products to lower-income individuals and those in rural areas in India and help digitize local small and medium-sized businesses as the Facebook service looks to make a digital payments push in its biggest market by users.
The instant messaging app maker has been working with banks — including ICICI, Kotak Mahindra and HDFC — in India for the past year to explore ways to bring financial services to individuals who have yet to become part of the banking population, said Abhijit Bose, WhatsApp’s head in India, at Global Fintech Fest conference, via video chat on Wednesday.
Regarding the regulatory stall on WhatsApp pay:
The company says it has complied with all the requirements mandated by New Delhi’s central bank, signaling that it could receive the final approval for a wide rollout of WhatsApp Pay any day now.