- Facebook and Reliance Industries will create a multi-purpose app similar to WeChat
- Facebook is eyeing 10% stake in Reliance Jio
- COVID-19 has slowed the development process of the App
Reliance Industries and Facebook are planning to create a multi-purpose app for users which will allow them to buy groceries through Reliance Stores, make payment using JioMoney and many more. Not only this, both the companies have hired top consultants and lawyers based in the US to explore all the aspects. Also, it is expected that Facebook will use its WhatsApp platform and leverage the new app by integrating existing WhatsApp and Facebook Users in the new App. However, the structure is still in process as COVID-19 has disrupted business operations around the globe. Since nations have imposed the travel restrictions, the final structure might push towards future date.
The App Will Have Multiple Features
The app which is being developed by Facebook and RIL will not just allow the uses to buy groceries and make payments. The App will be designed with the same structure of WeChat. The App will provide users with gaming prospects, along with flight and hotel bookings. The major benefit from the App, which will be enjoyed by Reliance Industries will be B2C engagement and user spending habits. The collected data will help the companies to develop strategies in future.
Facebook Eyeing 10% Stake in Reliance Jio
As reported earlier, Facebook is already planning to buy a 10% stake in Reliance Jio which would be worth billion dollars. As per analysts, with the deal, Reliance Jio will open multiple business opportunities in India. The partnership will allow Facebook to set up UPI payments schemes in WhatsApp, along with better encryption issues with the government.
COVID-19 Slowed Down the Process
The final structure of the App has not been finalised by the companies. Since the entire globe is facing the wrath of deadly Covid-19, all travel and business operations have been restricted to neutralise the threat. Since the whole App development cannot be done in online platforms, the process has been slowed down. Also, Reliance Retail is focusing on providing adequate food stock so that no one starves in stressful times.
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