WhatsApp’s payment feature is about to be launched with full features in India.
Last week, WhatsApp rolled out a payment feature to users in India, where the chatting app has over 200 million users. However, this rollout was a limited service, and WhatsApp will now launch the “full feature” payment service. This information was made known by the National Payments Corporation of India (NPCI).
NPCI also revealed that four banks will join United Payments Interface (UPI) which powers the payment service for WhatsApp. As at now, WhatsApp fund transfers are processed by ICICI Bank Ltd., India’s third-biggest lender.
Even though WhatsApp is very popular in India, it will likely face a tough competition in the ‘Payments’ market, as there are already established players in place. An example is Google’s Tez which was launched last year. However, the competition does not mean that WhatsApps payment service would not pose a threat to the market.
At the moment, the biggest player among online payment providers in India is Paytm, which is backed by Alibaba and SoftBank. To get to Paytm’s current market level, WhatsApp’s payment service has a very long way to go.
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