WhatsApp has partnered with HDFC Bank, ICICI Bank and Axis Bank to process the transfers using the WhatsApp Pay. State Bank of India is still under progress to complete all the setup to enable transactions.
Facebook was earlier aiming for a full rollout with its four partners but decided to move the date up because of the rivals speeding up. The launch of WhatsApp Pay in India is being compared to a similar extension of adding a payment in WeChat, which reshaped payments in China when it expanded beyond messaging.
The pilot version of WhatsApp Pay — started with 1 million users in February — received rave reviews, threatening the market share of incumbents Google Tez and Alibaba-backed Paytm, which lack the benefits of a social network.