Facebook is all ready to release its WhatsApp payment services (WhatsApp Pay) to the whole of India as early as next week. To win the market share from competitors Google Tez and Paytm. Although its partners are not ready, the report informed.
WhatsApp Pay will collaborate with HDFC Bank Ltd., ICICI Bank Ltd., and Axis Bank Ltd. To process the transfers, and State Bank of India (SBI) will join once it has the necessary systems in place. Facebook was focusing on a full launch with four partners but decided to go ahead with just three as its competitors were ranked ahead.
The entry of WhatsApp into India’s payments space has been likened to WeChat. As WeChat reshaped payments in China when it enlarged beyond messaging. The pilot version of WhatsApp Pay started with 1 million users in February.
“WhatsApp has a great starting point: a monopoly in chat,” said Vivek Belgavi, leader for financial technology at PwC India. “High engagement makes it a credible competition.”
More than 300 million Indians already use WhatsApp messaging. It is equivalent to 60% of the US population and daily active users that Forrester Inc. Estimates to be about 20 times higher than Paytm’s.