Whatsapp chat, which is a sole subsidiary of Facebook Inc. has plans to launch its In-App Payment system, Whatsapp Pay. This is going to be some competition for e-wallet apps like PhoneCharge, Paytm etc.
This will be the first time that WhatsApp is introducing the payments feature anywhere in the world, though Facebook just recently launched something similar in its messenger app in UK.
To Support this feature, it is said and the rumour mills have it that the Facebook-owned company has partnered with three banks – State Bank of India, ICICI Bank and HDFC Bank, to launch this feature Whatsaap Payment.
What is different and will definitely give WhatsApp a huge edge is that to use the payments feature, a user can make payments without leaving the chat window and transfer money/request for money. just like sharing a contact or location on the instant messenger.
All that the user needs to do is click the attachment icon in the keyboard while in a chat with another user an hit the Rupee button. This will allow the user to either send or request money. The user can input the amount to be paid and personal identification number (of the registered debit/credit card) before hitting send. On the other end, the receiver will get a notification, similar to the one when you receive a contact.
Whatsapp with its 200 million users already has such a strong user base, that the adoption rate is expected to be near 100%. Compared to competition, where stand along apps, fresh registration is required, users are expected to jump in to use this feature and may also become a daily driver for most. Lookout Paytm/Phonecharge, it soon is going to be a bumpy ride !