29-May-18, PaymentsSource
Facebook is set to offer its WhatsApp payment services to the whole of India from Jun-18 in an attempt to win market share, even though its partners are not all ready according to industry reports.
%20Hoch%20Zwei_Getty%20Images.jpg "WhatsApp to hasten payments push for 200 million Indians (c) Hoch Zwei Getty Images")
Image: Hoch Zwei / Getty Images
The messaging app will partner HDFC Bank, ICICI Bank and Axis Bank to process the transfers, and State Bank of India will join once it has the necessary systems in place.
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 in Feb-18, threatening the market share of incumbents Google Tez and Paytm, which lack the benefits of a social network.