WhatsApp Payments Expected To Roll Out To All Users Next Week!
WhatsApp decided to expedite the rollout as the competition in the form of Paytm, Google Tez and others, was increasing by the day.
WhatsApp Payments has been in works for quite some time now. So far WhatsApp has made it available for around a million users while there’s an invite system for people who wish to use the feature. But now, as per reports coming in, WhatsApp is ready to roll out the payments feature to all the app users in India and it could be as early as next week.
According to unnamed sources, WhatsApp decided to expedite the rollout as the competition in the form of Paytm, Google Tez and others, was increasing by the day.
WhatsApp has come a long way since its introduction as a messenger. Along the way, it has added some useful features like video calls, voice calls, sharing live location and so on. There are many more features like group video calls and the payments feature which will soon be added to the app.
WhatsApp Payments: Rolling Out To Indian Users
WhatsApp Payments is expected to ride high on the popularity of WhatsApp and provide a huge boost to digital payments in India. Since WhatsApp is the most-used messaging platform in India, it is expected to encourage more and more people to use digital payments.
One of the most important features of WhatsApp Payments is that it is UPI-enabled. As of now, WhatsApp is going to partner with HDFC Bank, ICICI Bank and Axis Bank for processing transactions. State Bank of India is also expected to join the growing number of banks that will partner with the company for processing the digital payments.
WhatsApp Payments is expected to simplify the process of digital payments for its users. Users will be able to send and receive money without even leaving the chat window. Since WhatsApp has become synonymous with messaging, even in the rural areas, it is expected to boost digital payments in the country and reduce cash-based transactions.
Tough Competition Ahead
Though WhatsApp is extremely popular in India, it does not guarantee the success of its payments feature. Case in point, Paytm Inbox. Paytm introduced this feature in their payments app which would allow users to chat and transact simultaneously. Though Paytm is undoubtedly one of the most popular payment apps in India, Paytm Inbox has not really caught on.
And Paytm is just one of the digital payment services vying for attention in India today. Demonetisation, back in 2016, really launched the digital wallets into the limelight. Google Tez, BHIM, PhonePe and Jio Money are just some of the better-known examples.
Digital Payments are still in the nascent stage in the country. Hike Messenger is the homegrown alternative to WhatsApp. It also offers a payment option in addition to the usual chatting functionality. But neither the messenger nor its payment feature, have made an impact in the Indian market.
WeChat has revolutionised the digital payments in China and it owed its success to the massive popularity of the messaging platform. WhatsApp is hoping for something similar when they launch their payments service in the country.
Can WhatsApp Payments revolutionise and increase the adoption of digital payments in India? Let us know your opinion in the comments below.