There are several best options to explore when it comes to sending money to friends and family with a smartphone, while the latest big player to enter the apace being Apple, with Apple Pay Cash. Now that another social media ready to join the payments party.
With the new competition to deal with soon enough, the popular instant messaging service WhatsApp set to get its own payments service up and running as soon as next week, if reports are to be believed.
Facebook Inc. is set to offer its WhatsApp payment services in an attempt to win market share, even though its partners aren’t all ready. Powered by UPI, the WhatsApp payment system looks set to launch, only having three banking partners from day one.
WhatsApp will partner HDFC Bank, ICICI Bank and Axis Bank to process the transfers. Others are expected to join on board in due course, but that’s a fair limited starting point for a service that is hoping to compete with some pretty heavy hitters.
Facebook has been aiming for a full rollout of its WhatsApp payment systems with four partners but also decided to go ahead with just three as its rivals were racing ahead. The entry of WhatsApp into payments space has been likened to WeChat, which reshaped payments in China when it expanded beyond messaging.
WhatsApp user base currently has more than 1.5 billion to call its own worldwide, so the idea behind it being able to handle payments is something that will no doubt appeal to plenty of people globally. The pilot version of WhatsApp Pay – started with 1 million users in February this year, have received reviews, threatening the market share of incumbents Google Tez and Alibaba-backed Paytm, which lack the benefits of social network payments.
Right now, the service which is called WhatsApp payment service is available in beta form for some Android users, but a more robust launch is expected to arrive soon enough with WhatsApp apparently concerned that competitors such as aforementioned are starting to get away from it, with a concern being that “their rivals were racing ahead,” according to reports.
WhatsApp will definitely not be the last to try its hands at mobile payments, but it can be one of the best? And if everything goes secure. It will surely need to get more banking partners on board and do it fast if it really wants to take the flight to some of those companies who are not involved or only ahead of them in the pecking order but continue to stretch out their lead.
Happy days with WhatsApp payments. Good luck!