India market ready for digital payment through WhatsApp, More business tools to follow

WhatsApp can now be relied upon for digital transactions. The messaging service giants are all set to launch its payment service to the users in the very next week. It has tied up with three Indian banks for the purpose. The banks are HDFC, ICICI and Axis bank– private sector top banks of the country.

The reliable sources have confirmed that negotiations are in the final stage to rope in the State Bank of India, the top bank of the country with the highest number of user base. It will also be used to get transactions once the necessary infrastructure to perform the activities is in place, a source in the bank informed.

The proposal of Whatsapp trying in the payment system through digital media can be seen with the success of WeChat– the Chinese messaging system. It has already reshaped payments in the country of origin, i.e. China and is much more a powerful tool than merely messaging. The pilot version of WhatsApp Pay is already there since February, where about 10 lakhs people and developers are working overnight to fix any prospective bugs and modalities. If it gets success, the share of Google Tez and Paytm– linked with Alibaba, can be drastically cut, since these companies lack the backing of a powerful messaging system.

If get gets success, with foolproof security, over one 100 crores people who are hooked to WhatsApp every day to their life, and the most reliable, fast and secure method of communication with businesses. People are already making use of it place every day, for placing their order, but what is coming in the days, is definitely going to transform their habits of the transaction.

In the coming months, Whatsapp will be testing some new features too which aim to solve some of these challenges. It will definitely make it easier for people to communicate with the businesses of their choice on WhatsApp. “We want to apply what we’ve learned helping people connect with each other to helping people connect with businesses that are important to them”, says Whatsapp in an official release.