WhatsApp Pay is the newest player set to enter the Indian market in a big way. Facebook Inc., which owns WhatsApp, has been permitted by the National Payments Corporation of India to start operating its WhatsApp payments service in India.

It will be using the Unified Payments Interface to facilitate its users to make payments. Supported by more than 140 banks, WhatsApp Pay transactions won't carry any fee. Mark Zuckerberg, the CEO of Facebook, on Friday, said that he is excited that WhatsApp has been approved to launch payments across India.

"Starting today, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message," WhatsApp said in a statement.

PayTM, Google Pay, PhonePe, Amazon Pay and others will face stiff competition from WhatsApp Pay. WhatsApp has got a user base of 400 million, which makes it easy for its users to prefer it over other payment apps. For now, WhatsApp Pay's user base has been capped at 20 million.