It looks like we have got a direct competitor for PayTm! WhatsApp digital payment services will soon start rolling out in India and other parts of the world. WhatsApp will take part in the digital payment services launched in India. It will help users to make digital payments by collaborating with banks.
Well, this might not be the direct result of the denomination of bank notes because even before the denomination, the digital payment facilities were crawling up in India. It is not the first App to start the digital payment services in India. Facebook Messenger already began offering peer to peer payment facilities from 2015.
WhatsApp digital payment services will be better than FB payment services
There is a difference between Facebook Messenger digital payment services and WhatsApp digital payment services. Unlike Facebook Messenger, WhatsApp is more popular in India. Almost every resident of India uses WhatsApp as their first app for messaging. So chances are WhatsApp digital payment services will establish a booming market for the digital payments and transactions.
If you have a look at the analysis of November 2016, India has got 160m WhatsApp users. India has more WhatsApp users than any other country. What can be a better platform to launch the digital payment services other than WhatsApp?
A sure shot threat for PayTm
WhatsApp will take part in the Unified Payment Service (UPS), a flagship project of the Indian government. Though it is not a full-fledged money transaction app like PayTm, still the additional facility of transferring payments through WhatsApp will generate more digital sales than PayTm could generate. With the UPS, you can transfer money within different mobile services and also within the banks.
If we have a look at the comparison with PayTm users and possible transactions in WhatsApp, PayTm has got reasons to worry. At present, PayTm has got 200m users and WhatsApp is on 160m. Till date PayTm is the largest digital wallet company. With a close number of users to PayTm, WhatsApp can be a very tough contender.
Now is the favorable time for WhatsApp
The Unified Payments System is regulated by RBI and right now digital payments are becoming a hot favorite among the people. It is just the perfect time for WhatsApp Digital Payment services to launch with so many users and a favorable condition. Still, WhatsApp is in its early stages of implementing the digital payment options, while other apps like TrueCaller already took that jump. The Sweden based company also thinks India is the largest market. Thus, they also introduced the user to user payment options.
It is not sure till now, how the digital payment feature will offer WhatsApp with a major profit. But one thing is sure; it will get more people to come online regularly and encourage the customers to use the services. Good thing for Facebook because 2 years ago Facebook failed to initiate the free internet services to bring more customers. It realized soon that the fastest way to consumers’ hearts these days is to offer digital payment wallets.