Now everybody knows WhatsApp as a Messaging Application. It tops message app platforms not only in the country but also in the world. WhatsApp is now planning to enter the wallet platforms apart from messaging services.
With demonetisation the country is looking towards cash less transactions. The main aim of Prime Minister Narendra Modi is to increase the digital payments through out the nation.
Lead by Paytm many mobile wallets has emerged in the last six months which are providing easy banking services to people. Every bank in the country started promoting their respective mobile apps for bank transactions. Even leading mobile networks like Airtel, Vodafone, Idea are including wallet services in their apps.
To give competition to all these wallet platforms WhatsApp is planning to join the race. According to reports Whatsapp would launch UPI [Unified Payments Interface] based payments in the next six months.
The software by the government, UPI, allows transfer of money from one bank to another in which the app acts as mobile wallet. If WhatsApp seriously wants to launch the wallet services this will be a serious threat to Paytm in particular because transfer of money through this chat application is easy to use.