Whatsapp Pay
WhatsApp Pay

The effect of the #JioFacebook deal is here! The instant messaging platform Whatsapp is all set to go live with it’s a payment system ‘Whatsapp Pay’ by the end of this month to compete with the likes of PayTM and Phonepe.

Let’s dive deep into this.

What is the News Story All About?

Facebook-owned Whatsapp Inc is going to launch its much-awaited payment mechanism by the end of May. Whatsapp’s payment service was in beta-testing since February 2018. The private sector banks which are ready to partner with Whatsapp Pay include ICICI Bank, Axis Bank, and HDFC Bank. Reports suggest that the e-wallet will also add the largest Public Sector Bank in India, State Bank of India (SBI) at a later stage.

How was the Journey to the Launch?

The messaging app had started restricted testing of its payment product after getting the clearance from the National Payment Corporation of India (NPCI) in February 2018. Since then, it was in ‘beta testing’. The latest #JioFacebook deal acted as a catalyst for Whatsapp Inc to get the necessary subscriber base for all your friends to transact and earn through Whatsapp! So, you all can say, #HowsthePay! #WhatThePay is here to give a huge boost to the JioMart shopping platform as well!

What is the Road-Map Ahead?

Whatsapp Pay has the initial target to reach 10 Million users initially. The Facebook-owned instant messaging platform is expected to provide a huge boost to the dream of Digital India by giving the necessary impetus to the digital payments ecosystem in India.

However, the payments product will be released in a phased manner as there are apprehensions of a sudden surge in transaction volumes once the platform goes live. Currently, the Whatsapp Community comprises 400 Million members in India and there are slightly more than 100 Million UPI users in India. These statistics say a lot about the future road-map of #WhatThePay!

What are the Challenges for Whatsapp Pay?

The challenges of Whatsapp Pay ahead is obvious. Firstly, the payment system market in India is already overcrowded. This new payment product will need to lock horns with Ali-Baba backed PayTM, Google’s Google Pay among others. For the #WhatThePay hashtag to rule the payment trend, it needs to offer a swift-secure mode of payment amidst the future prospects of Digital India.

The Think Tank of the Facebook-owned Whatsapp should come with popular added features like booking movie and plane tickets, recharging metro cards. The game-changer feature of this new app can be the direct bank transfer to reach the fingertips of the rural component of our country. For more stories click here

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