That’s right, WhatsApp is catching on or rather, has already made its way into the ever changing and growing payments market in India with WhatsApp Payments
Even though this feature is only available to 20 million users in India at the moment, it is still a tremendous step forward The financial landscape in India is changing dramatically and the whole of the ecosystem has given birth to several start-ups in this sector UPI giants like BHIM, Google Pay and Paytm have really revolutionized the way we pay and at first glance, it still isn’t done
For WhatsApp, joining this bandwagon makes sense, after all, who wouldn’t want to tap into the payments vein of an economy that is set to hit the trillion dollar mark over the next decade? That said, the question remains: can it survive healthy competition from already established giants?
Any gadget user in India will definitely use WhatsApp No matter what part of the country you are in, you will find someone or the other in every corner with WhatsApp on their smartphone However, how many do you think would they be aware of the use of all WhatsApp features such as live location sharing and document sharing? How many of the hundreds of millions of WhatsApp users in India have used a feature other than sending photos?
One thing that has become pretty obvious at the moment is the dominance of the Big Four in the UPI space – BHIM, Google Pay, PhonePe and Paytm These four methods have been around for a few years now and have been adopted publicly, to such an extent that India’s digital economy has come to rely on these payment methods to get the job done
In other words, these UPI apps have driven the paradigm shift from cash to mobile payment to such an extent that even sports betting sites in India are now accepting these options to add money, eg websites like 10Cric
Fortunately for WhatsApp, they have been smart enough to realize the current landscape and have decided to build their payment ecosystem in this direction WhatsApp Pay is powered by the BHIM UPI app and its payment partners in India The money is transferred directly between banks via UPI-based applications, and the whole process is facilitated via the WhatsApp messaging system
Having said that, people may not be entirely aware that they can make a payment with WhatsApp. Even though it is just as convenient as using any other UPI app, the possible lack of awareness continues to be a hindrance
Nevertheless, WhatsApp is only testing the waters by its appearance Even though it is the most used app in India, it will be difficult to get millions of people to use its payment system as well. , especially after the recent controversy
However, one thing is certain – there is a lot of potential for WhatsApp to thrive in this space, provided it listens to people
Ebene News – UA – WhatsApp payment and Indian market – What can we expect?