The messaging app will partner HDFC Bank, ICICI Bank and Axis Bank to process the transfers, and SBI will join once it has the necessary systems in place, TimesofIndia.com reports.
The entry of Whatsapp into India’s payments space has been likened to WeChat, which reshaped payments in China when it expanded beyond messaging. The pilot version of WhatsApp Pay — started with 1 million users in February 2018 received positive reviews.
“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 200 million Indians use WhatsApp, equivalent to 60% of the US population and a daily active usage that Forrester estimates to be about 20 times higher than Paytm’s.
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