As WhatsApp Payments is launched new questions and discussions are in the air. WhatsApp is probably the most popular messaging platform but will WhatsApp Payments become the most sought after e-wallet? With so many established E-wallets, will WhatsApp Payments make a mark?
India is one of the very first markets, across the globe, to introduce the WhatsApp Payments feature. It allows users to receive and send money via WhatsApp and it is currently made available for Android users. The competition is fierce, as other popular e-wallets like Paytm and Mobikwik are already established and being extensively used. Additionally, these two established platforms offer several other useful services too, apart from the receiving and sending of money.
Google Tez to Be Affected by WhatsApp Payments?
Google Tez, another e-wallet by Google, was introduced late last year. It is another payment application that is still fairly new and trying to make its impact. WhatsApp Payments brings a fresh wave of challenges and competition for Tez.
The advantage that WhatsApp has over Google Tez is the extensive audience base. WhatsApp has over 200 million active users while Tez has around 12 million. Even though WhatsApp payments is still not available for iOS users, the numbers are already in favor of WhatsApp. Another advantage that WhatsApp has over Google Tez is that it is one of the most loved messaging platforms, making communication more effective and a great way to send/receive money amongst contacts. Furthermore, almost every smartphone user is already using WhatsApp, so unlike Tez, no new app needs to be downloaded.
WhatsApp Payments – An Overview
WhatsApp Payments is a UPI based platform and partners with many Indian banks. The feature is limited to peer-to-peer transactions and not other services like bill payments, or other digital transactions. The real question here is will WhatsApp be able to make a mark for itself amongst other e-wallets and digital transaction platforms that offer much more to users.
With India shifting to being a ‘Digital India’ online monetary transactions and digital wallets are taking over cash payments, but will WhatsApp Payments bring in a new flourish for the market or lead to saturation?