Watsapp has been India’s biggest social media platform and one of the most growing ones in recent times since the last 5 years.
It has been one of the largest instant messaging platform and is one of the best ones to communicate whether in terms of business communication or personal communication.
Now adding a new feather to its cap,it is all set to launch a payment app to its messaging platform.So WHAT does it mean for the $400 billion dollar economy.
What is Watsapp currently into?
Watsapp is currently under a beta tested version of the payments app and has rolled out some of the new features for which will typically call for India’s rapidly growing mobile market.This kind of move is the first one this market.It has 200 million users and India is a rapidly growing mobile market.
What does this mean for other payment mobile apps?
PaYtm is by far the country’s largest payment mobile app and has accused Watsapp for passing through of crucial payments norms which can guarantee the security of the customers.
What is Paytm?
PaYtm is the largest payment app which is co-owned by Japan and China’s Ali baba and has around close to 300 million registered users in the country.
So what does Paytm has to say on this?
Paytm has alongside has accused of Facebook which also owns Watsapp and also which is attempting a repeat of basics such as the Facebook’s internet service app and also of the various other internet services.
So what does the Watsapp payment offer?
It uses the unified payment interface,which is a payment system allowed for funds to be transferred to from a sender’s bank account to the recipient accounts.
They will have to link their bank account to the app directly without any stress of finding about the documents.
The real challenge is to include the various services such as movies,travels and hotels which the paytm app provides.
So it is spells a threat for Paytm?
The Paytm services are widely used by India’s largest mobile market and the services are used widely by citizens to business vendors to auto rickshaws to tea vendors.
With its amazing presence in its mobile market, it boasts for around for 230 million on its chat app.