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New Delhi : WhatsApp is a social media messaging app all over the world, which is used to connect people. However, its use has also changed over time, because earlier this app used to be famous for promotional and marketing messages.

Now it is also being used to collect payment from loan defaulters. Debt collection startups like Credgenics and Spocpto are rapidly being used to connect them to them to interact properly with their customers.

50 percent cutoff

Earlier loans -giving companies used to send messages to customers for payment reminder to recover the loan. Due to which the expenses of sending their messages were also increasing. WhatsApp has cut off 50 percent in the prices of utility and operational category messages. Due to which the price of a message has been about 12 to 15 paise. Also, if the same information has to be sent through SMS, then the rate of a message becomes 35 paise. According to Credgenics K. Founder Rishabh Goyal, the WhatsApp message gets a lot of savings in the cost.

This is how loan recovery is happening due to WhatsApp?

Automated reminder : Banks and non -banking financial companies i.e. NBFC send reminders messages to customers before the date of repayment of the loan through WhatsApp. Due to which the person taking the loan can pay on time.

Customized notification : All the information to the date of customers, interest rate and date of payment is sent to their WhatsApp.

Secure payment link : Many companies send safe payment links on WhatsApp. Due to which customers can pay in just one click. This reduces the dilemma of clicking on the fake link because the message comes from the official number of the company.

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What are the advantage of this?

Messages on instant WhatsApp messaging platforms are rapidly sent, due to which customers can respond immediately. This method of loan recovery through WhatsApp is more economical than phone calls or field work. This is a customer friendly process. Customers do not have the problem of calls or recovery agents at home. Apart from this, companies will not have to face more expensive SMS expenses.