Friday , October 20 2017

Paytm plans messaging service to competitor WhatsApp

Paytm new messaging service will allow users to send audios, pictures, videos, and texts.

Paytm

India’s foremost digital payments company Paytm plans to launch a new messaging service by the completion of this month to race with WhatsApp, a source acquainted with the matter stated on Tuesday.

Paytm that is backed by China’s Alibaba and Japan’s SoftBank, wants to attract individuals in India to make use of a messaging service entrenched in its payments app that many already use to purchase everything starts from food to plane tickets.

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Paytm new messaging service will allow users to send audios, videos, pictures, and texts, said the representative, who wilted to be named.

“The company wishes to become a digital cosmos for Indian commerce where customers can connect, shop and use fiscal services,” said Pavel Naiya, a specialist at technology research Counterpoint.

Paytm has above 225 million customers in India.

WhatsApp, that had 200 million month wise active users as of February month in India, its largest single market, has also been looking at emerging into digital payment services.

Previously this year, one more Indian messaging platform, Hike, rolled out an electronic payments provision in its app to cash in on the development in digital dealings in the nation.

E-payments in India heaved after the nation banned old, high-value money notes late past year. Companies like Paytm have meanwhile rapidly amplified their market share.

Digital payments in our country will jump almost 10 times by the year 2020 to $500 billion, rendering to a 2016 report by Boston Consulting Group.

The Wall Street Journal was first to bang Paytm’s plan to hurl a messaging service.

The company did not retort to an email seeking remark. WhatsApp was not instantly reachable for the remark.

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