Beijing time May 30th morning news, according to Bloomberg News Agency, Facebook will be the fastest in India next week to line its WhatsApp payment service to seize market share. However, according to sources, its local cooperative enterprises are not fully prepared.
According to sources familiar with the event, Facebook's chat application WhatsApp will cooperate with HDFC Bank, ICICI Bank, and Axis Bank on payment services, and State Bank of India will also join the cooperation list after upgrading its own system. When Facebook wanted to get State Bank of India ready to work with the four banks at the same time, but because the competitors were preemptive, Facebook decided to cooperate with three of them to launch the payment service.
WhatsApp's practice of offering payment services in a chat business is similar to that of WeChat's WeChat payment in China, while WeChat's payment has changed a lot of people's payment habits. In February this year, WhatsApp Pay, which was launched for 1 million users on a small scale, was praised by users, threatening other payment applications in the India market, such as Google Tez and the Alibaba investment Paytm. The advantage of WhatsApp in the latter two is that it has the blessing of social network, just like WeChat.
Vivek Belgavi, partner and head of Internet finance at PwC India, PricewaterhouseCoopers India, said:
At present, 200 million Indians are using WhatsApp chat application, which is equivalent to 60% of the total population of the United States. According to Forrester estimates, WhatsApp has 20 times more active users than Paytm.
WhatsApp, State Bank of India, HDFC Bank, ICIC Bank, and Axis Bank did not immediately respond to the request for comment.