We have seen multiple messaging apps integrate payment functionality. So far, this decision has worked out for most companies making the switch. Paytm, an Indian mobile wallet giant, is doing things in reverse. They are adding a chat feature to their app in this highly competitive space. An interesting decision, which will hopefully benefit consumers in the end.
In a way, it makes sense for Paytm to integrate a chat feature. Standard mobile payment apps are pretty bland at best. Even though the company is widely successful in India, there is always room for improvements Especially now that we see more messaging apps entering the payments space as well. There is a very bright and competitive ecosystem in India as we speak. Remaining ahead of the pack is not easy by any means.
A new Chat Feature for Paytm Users
The new Paytm feature is known as Inbox. For now, it will only be available to Android users. Clients can send text messages, audio and video files, and pictures. They will also be able to send money to one another without issues. Additionally, there is a cashback offer integration displayed through notifications. Plus, users can play games as well to kill some time. An interesting upgrade, and one that may be mimicked by other companies.
As of today, Paytm has over 225 million users in India. Whether or not that number will increase, remains to be seen. These new additions will certainly attract a lot of attention. Combining mobile payments with messaging is a smart business decision. Competing with WhatsApp is one of the main priorities for the Indian payment giant right now. Both platforms have a similar user base. Taking market share from one another is worth exploring, even though it is an uphill battle.
Furthermore, WhatsApp is rolling out P2P payments in India early next year. When that happens, the competition will only heat up even further. The consumer will be the big winner due to this “battle”. It is evident competition brings out the best in any company. Right now, they are fighting over turf in the mobile payment space. An interesting race to keep an eye on, that much is certain.
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