WhatsApp is undoubtedly the most widely used messaging platform in the world. The popular messaging app now has1 billion daily active users. While there are few other messaging apps like Hike and Way2SMS, WhatsApp enjoys the monopoly.
However, Paytm wants to change that. According to a report by The Wall Street Journal, the mobile payment service is planning to integrate messaging functionality into its app. One of the people familiar with the matter has claimed the feature could go live as soon as two weeks. Just like WhatsApp, you will be able to send texts, images, audios and videos through this messaging service in Paytm.
Paytm is said to have been working on the messaging service for three months. The move is taken by the company to attract more users to the platform as well as to increase user engagement. Paytm is backed by Japan's SoftBank and it boasts of over 225 million users. SoftBank recently invested $1.4 billion in Paytm to help the company make more profits in India.
On the other hand, WhatsApp is prepping to launch UPI-based mobile payment service in India for its app. So only time will tell, how Paytm will entice people to switch from WhatsApp to their messaging service. Even Paytm tied up with ICICI bank for incorporating UPI-based payments.
Other than that, Indian messaging app Hike Messenger partnered with Yes Bank for UPI and wallet service. Also, Samsung launched Samsung Pay mobile payments service in India with its flagship phones Galaxy S8 and S8 Plus.
So one thing is pretty apparent that we will witness a huge growth in digital payments in India.