WhatsApp Pay to enter Indian market within next week

In the market of giant rivals like PayTm and Google Tez, Facebook Inc. is going to launch the WhatsApp payment services in an attempt to sway away the market from the online payment tycoons. 

WhatsApp Pay will jump in the market along with its partners, HDFC Bank Ltd., ICICI Bank Ltd., and Axis Bank Ltd. to conduct the transfers whereas State Bank of India (SBI) will join the group once it has the necessary system to carry out the task.

WhatsApp’s entry in the Indian market gives the messaging app an upper hand and will threaten the market share of the existing mobile payment services, Google Tez and Alibaba Group-backed PayTm, as these lack the social networking aspect which WhatsApp offers.

WhatsApp is a daily messaging need for more than 200 million Indians and counting. If WhatsApp Pay goes on to be successful, it could be a game-changer for Facebook Inc.