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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Although WhatsApp’s partners are not ready for the step, its parent company Facebook has decided to go ahead with the decision of launching the WhatsApp Payments feature as early as next week in order to capture market share in India. Anonymous people who didn’t wish to be named said that Facebook was accelerating the rollout of the WhatsApp payments feature with full fervour since the competition is growing by the second. The California based company is going to partner with HDFC Bank, ICICI Bank and Axis Bank. To facilitate transactions over the platform, State Bank of India is also expected to partner ahead once the proper systems are in place for the government led bank. For the unaware, the service was initially rolled out to just a million users and was available for others on an invite-only basis.
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People are starting to compare the coming of WhatsApp Payments in India to the event which happened in China when WeChat brought the payments feature onboard and received massive success in the country. It is a consensus that the coming of WhatsApp payments is going to be a great threat to the likes of Google Tez and Paytm since these apps lack the social-media aspect which WhatsApp has no dearth of. This news was reported by Bloomberg.
According to Forrester Inc. the daily active users of WhatsApp which is a number as high as 60% of the US population, is a figure which makes the usage statistics of Paytm feel miniscule. The numbers are high as 20 times that of Alibaba backed Paytm. More than 200 million users use WhatsApp in India.
