New Delhi, May 5 Facebook CEO Mark Zuckerberg announcement of launching WhatsApp Pay in India, has brought tremors among the
existing players, including Alibaba-backed Paytm which rules the market.
The country’s digital payments industry will see a seismic change
with global players joining the bandwagon as because the said industry is estimated to hit $1 trillion by 2023 .Amazon just announced the launch of Amazon Pay UPI for Android customers in the peer-to-peer (P2P) transaction market.
Google Pay has also strengthened its presence — over 45 million users with recording $81 billion in transactions (at an annualised run-rate) in March.
Apple Pay would also arrive and with the lowering of iPhone prices in India, the service which has 390 million paid subscriptions globally and on track to reach 10 billion transactions — would reach more hands.
WhatsApp Pay, however, is going to be the real game changer — for a simple reason that it has the capability to become the top player in the Indian digital payments market with the word go.
WhatsApp currently has over 300 million users in India (Facebook has another 300 million in the country) and once it starts peer-to-peer (P2P) UPI-based payments service, the sheer numbers will take it beyond Paytm which last reported over 230 million users.
The entry of WhatApp Pay will give a significantly more positive and viral impetus to India’s digital economy.
Zuckerberg would finally merge all his platforms and the enormous user base would create a natural winner
“In Instagram and Facebook, you have shopping and you have Marketplace, and you have all the tens of millions of small businesses that use Pages and a lot use Instagram for sharing their inventory and being able to help people discover and pay,” the Facebook CEO told analysts during the earnings call.