In a move to strengthen the perception and credibility of MSMEs, Meta plans to extend its ‘Meta Verified’ tag to such businesses in India. Speaking to media persons in Ahmedabad on Wednesday, Vikas Purohit, director and head of small business group, Meta, said that the number of fake business advertisements and frauds on Meta-owned platforms Instagram, Facebook and WhatsApp are growing. “In order to make sure that the consumer is assured about the authenticity of a business, we are planning to extend our Meta Verified badge to the businesses in India,” he said.
“The time frame for this development is not yet decided but we have been working on it since September 2023 and will launch it soon,” he said.
“Businesses can choose whether they would like to opt for one subscription on a single app or a bundled subscription across Instagram, Facebook and WhatsApp. With a monthly subscription, businesses will gain access to a toolkit for their subscribed Facebook page, Instagram professional account or WhatsApp phone number,” he said.
“Nearly half of the world’s population (3.96 billion) use Meta applications and around 140 billion messages are sent on Meta applications per day. Around 200 million businesses are using WhatsApp, approx 600 million business messages are being sent per day throughout the world and 60% people send business related messages per day,” he said.
He added, “Over the years, we have been at the forefront of supporting the growth of small businesses by creating products, solutions and programs to address their unique needs. We see strong momentum in how businesses are using WhatsApp to power their growth journeys. Meta will continue to build the right tools that can enable these businesses to thrive in the digital landscape.”
In September, Meta announced that it will initiate Meta Verified for businesses in selected countries. Monthly subscriptions start at $21.99 per month per Facebook page or Instagram account or $34.99 per month for both.
Earlier this year, Meta also launched Meta Small Business Academy that aims to upskill 10 million small businesses. To achieve this goal, Meta has partnered with the Confederation of All India Traders (CAIT).
Besides, Meta’s Small Business Loans Initiative enables business loans for small business advertisers through third-party lending platforms. Launched in 2021, the initiative has now expanded to 19000+ pin codes across India. Under this initiative, small business advertisers can get quick access to collateral-free business loans ranging between Rs 30,000 and Rs 1 crore.