WhatsApp Payment Vs Major e-Wallets: Will WhatsApp be the next Paytm?

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WhatsApp Payment Vs Major e-Wallets: Will WhatsApp be the next Paytm?
WhatsApp Payment Vs Major e-Wallets: Will WhatsApp be the next Paytm?

WhatsApp to get a new feature, now you can send and receive money while chatting with your friends and family on WhatsApp.

WhatsApp, the world’s most famous messaging giant entered the digital payments, by integrating UPI in its payment platform. WhatsApp payment will allow their users to send and receive money from other users on WhatsApp.

Due to the alternation in Indian e-wallet space and this huge massive competition, all the digital wallet companies are fighting to get a bigger market share. As the current e-commerce payment system is already facing a hard time due to stiff RBI norms overcrowded by multiple players.

WhatsApp Payment Vs Major e-Wallets: Will WhatsApp be the next Paytm?
WhatsApp Payment Vs Major e-Wallets: Will WhatsApp be the next Paytm?

The Indian wallet space has now around a dozen international and local companies operating in the segment. From Flipkart– owned PhonePe to giants like Google Tez, Amazon Pay, PayPal to the SoftBank and Alibaba backed Paytm. Facebook-owned WhatsApp Pay, maybe the e-payment space will get combine this time.

The Inherent Market

Since the inception of demonetization, the market was majorly dominated by local players such as MobiKwik, FreeCharge and Paytm. Later several international players have entered the market with the support of UPI.

Only, Paytm has successfully managed the competition and remains on top. Its proper market research and diversification has helped Paytm to stand out in the crowd.

Late Unified Payment Interface & diversification by Paytm

As Paytm kept on diversifying with their services and it really helped the e-commerce payment company to enter a lot of segments in the consumer market. On the other side, MobiKwik has failed to secure a payment bank license and was too late to get into the Unified Payments Interface.

After being in the second spot after Paytm for years now, MobiKwik has now been overtaken by new entrants like Flipkart owned Phone-Pe and Google Tez.

What is WhatsApp Payment?

WhatsApp, the world’s most famous messaging giant entered the digital payments, by integrating UPI in its payment platform. WhatsApp payment will allow their users to send and receive money from other users on WhatsApp.

After a beta-launch a few months, the wider rollout was delayed due to the legal troubles provided by the parent company Facebook. Backed by UPI, WhatsApp payment will now show it to all.

How Does WhatsApp Payment Work?

This is a really important and curious question to ask, how does WhatsApp payment work?

You just simply need to link your bank account with your registered mobile number and authenticate your bank account using OTP. As you register you can send and receive money within the app in the chat window with other users.

The payment also works via QR codes. And WhatsApp payment will allow Rs5, 000 limits per transaction.

What is your opinion about the new WhatsApp Payment?

Tell us in the comment below.

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