WhatsApp Payments to launch in India next week

According to a report published in Bloomberg, the Facebook-owned company could roll out its payment service on WhatsApp as early as next week, for which it has partnered with top three private banks in India -- HDFC Bank, ICICI Bank and Axis Bank. The State Bank of India would also join in once all “necessary systems” would be in place. The report cites unknown sources claiming Facebook decided to launch the services next week in light of its “rivals racing ahead” in the payment service game.

Different from other e-wallets WhatsApp Pay going to be different than other online e-wallets like Paytm, Google Tez, PhonePe. WhatsApp has over 200 million users, over 20 times higher than Paytm’s daily active users.

The WhatsApp Pay option was initially launched for its selected users (on beta versions of the app) in February 2018, and it had received positive reviews from its users.

Experts suggest though the WhatsApp Pay option would more or less work on the same principle of sending and receiving payments, its ability to allow users to do it while chatting makes it a natural winner.

Besides, Facebook is also eyeing to capture a bigger market share if it succeeds in making WhatsApp more than just a messaging or calling app.

Meanwhile, the avid WhatsApp users who use Paytm too would want to give it a try to make online payments for shopping or cab services. While other companies have to invest tons of money to acquire customer base, WhatsApp does not need to do it, thereby giving it an edge over the other companies.

However, security concerns also loom large. While the sheer size of WhatsApp user base is enough to scare its rivals, some concerns regarding security requirements and no linking of other online payment wallets seem genuine.