Whatsapp Pay, A new entrant in the UPI based payment interface – What would be the earning for a Payment company with more than 200 million users ? Non imaginable, but ewallet companies are going to face a tough competition ever with newly upcoming UPI interface by Facebook owned Whatsapp.
Whatsapp, a P2P messaging platform is sooner be launching UPI based payment interface in partner with few of the members banks. UPI is the payment interface owned by National Payment Corporation of India (NPCI), who owned BHIM.
Read : Whatsapp To Launch UPI Enabled Payment System ?
Currently, the Indian Digital Payment space is flooded with lot of applications from NPCI,banks, eWallet companies etc. The margin of earning is very low in this space especially for eWallet companies as the initial investment is higher with annual recurring expenses. The customer base is very poor for many of the eWallet companies like PayTm, Freecharge, Phonepe etc.
Retaining customer on digital platform is really a challenge for many of banks & eWallet companies. They are offering a lot of discounts and coupons to retain customer.
Advantages of Whatsapp over existing eWallet companies & Banks
Read : Soon Pay Through BHIM UPI on Google, Amazon, Uber and Facebook
How Does Whatsapp Pay Good for Banks ?
Whatsapp pay can boost the digital transactions of Banks. 200 million ready made customer base of Whatsapp could be used by these banks for on-boarding. The UPI interface enables user to choose any of the banks from the list for making transaction. Customer needs to have a bank account if they want to make transaction through Whatsapp Pa. Hence, a good opportunity for Banks for getting merchants as well as other customer.
Whatsapp has started testing the beta version of their UPI based payment solution Whatsapp Pay with selected bank’s and users. Rumored to be launched in the month of March.
Do You Want To Say Something :