Facebook Inc. is known for taking up new initiatives in the field of emerging technologies that may have huge impact on the large mass of people in the society. As per the latest report, Facebook is now ready to launch WhatsApp Payment services in India in the next week itself.

The launch of this new service will be an attempt to stand tall in competition with arch rivals like Paytm and Google Tez in the market. WhatsApp Pay has already entered into partnership with HDFC Bank, ICICI Bank and Axis Bank for this new initiative. As per the latest information, State Bank of India (SBI) will also join the project after it has the necessary systems in place. Earlier, Facebook was intending to launch the project in association with four partners but later on it decided to move on with just three of them as the competitors were marching ahead strongly.

For many people, the entry of WhatsApp into the digital payment sector is similar to that of WeChat which had revived digital payment process in China by offering much more than just messaging. Earlier, a beta version of WhatsApp Pay was launched in February with 1 million users which got enthusiastic reviews proving it to be a threat for its competitors like Google Tez and Alibaba-backed Paytm – both of which lack the backing up of a social network.

According to Vivek Belgavi, leader for Financial Technology at PwC India, “WhatsApp has a great starting point: a monopoly in chat. High engagement makes it a credible competition.” The popularity of WhatsApp in India can be easily understood by its mammoth usage figures with more than 200 million Indians using WhatsApp messaging. The daily active users of WhatsApp are almost 20 times higher than that of the presently popular payment service Paytm. Looking to the present scenario, it is quite likely that the arrival of WhatsApp Payment in the digital payment space will surely add a feather in the cap of Facebook’s ongoing success story and invite tough times to maintain their strong hold in the market for its competitors.