The Info WhatsApp Is Collecting From You
The first set of information that WhatsApp collects is your usage and log information. What this means is that WhatsApp collects information regarding how you use WhatsApp, how you interact with personal contact versus business accounts, as well as the time, frequency and duration of what you do on the app. Essentially, WhatsApp knows how much time you spend on voice calls, video calls, or viewing other users' status. In addition to this, under this section, WhatsApp also says they collect information about your group name, group description and the picture you use on the group. They might not be able to see your group messages, but they can find out what the group is from via the name and description if they wish.
The next set of information is of your device and the connection you use on your smartphone. WhatsApp can access information regarding your device's hardware specifications, battery level, as well as which mobile operator or internet provider you use on the phone. The trouble is that if you view permissions that WhatsApp takes on your device, you will realise that WhatsApp has access to a lot of features.
The third significant information which is automatically collected by WhatsApp is your location information. WhatsApp says they only use precise location information if the user enables this feature for this specific function. However, WhatsApp also says if the user does not use the location feature on the device, they still use the phone's IP address along with other information to track your location on a more 'general' note. This essentially means they can pinpoint your location if they want without your approval.
The Business Angle
So if you are dealing with a business on WhatsApp, anything you share can be accessed and used if the third party's policy allows for the same. You will need to reach out to the third party involved to understand if your shared information is protected or not, and that is thus your responsibility for your privacy.
Sharing Information with Facebook Companies
WhatsApp shares your phone number, transaction data for payments, device details and any of the information mentioned above with Facebook companies. WhatsApp says any information obtained upon notice sent to you or based on your content can be shared with Facebook companies. Of course, this is all shared under the idea of helping improve and support services.
However, there is a subsection in this section of the policy that says the information WhatsApp collects can be used to make personalised suggestions for friends, groups, or content and show relevant offers and ads across Facebook products. This brings up the question that if all of your messages and media that you share are encrypted and cannot be read, how is WhatsApp able to offer personalised suggestions?