Mark Zuckerberg, the CEO of Facebook Inc., hopes the social media giant and Reliance Industries Ltd. together can transform India’s digital payment, replicating the success of the latter in disrupting the telecommunications sector.
Zuckerberg in an online event mentioned Dhirubhai Ambani, the late founder of Reliance, who according to him predicted phone calls in India as cheap as postcards, with less than a cent then. His son Mukesh Ambani’s ability to fulfill that desire inspired him, Zuckerberg said.
“We tried to do that by messaging … and hopefully we can do that along with payments,” Zuckerberg told Ambani during the event.
The telecommunications unit led by Ambani, Asia’s richest man, disrupted the sector in 2016 when it entered with free calls and cheap data rates, forcing rivals to stop, merge or go bankrupt while becoming the country’s leading wireless company over time. . Ambani and Zuckerberg are now betting heavily on India as its more than a billion consumers connect to their smartphones and increasingly trust it for everything from entertainment and grocery shopping to online money transfers.
The U.S. social media company invested $ 5.7 billion for 9.99% of Ambani’s digital venture in April, causing a barrage of other interesting sales. It also finally received approval for the development in November this year to launch its WhatsApp payment service in India after struggling for years to gain permission.
Ambani expects India’s economy to enlarge the bond tables and per capita income more than double to $ 5,000 as the country transforms into digital power.
“I firmly believe that in the next two decades India will grow among the top three economies in the world,” Ambani said at the same event. “But more importantly, it will become a premier digital society.”
For Facebook, there is no partner more capable than Ambani’s refined retail conglomerate to help dominate this nascent but growing market.
“A big part of why I was excited to work with you is that there aren’t a lot of people around the world who have just gone industry after industry and revolutionized them and improved them, and continue to do so,” Zuckerberg told Ambani.
(Except for the headline, this story was not edited by NDTV staff and is published by a union stream.)