India had always hosted plenty of potential in the fintech market. Development in the late 20th century and the early 21st century has meant that the market has been true to its age and has embraced all the innovations to churn out the best features.
One digital platform that has become a leading player in this constantly developing market is Paytm. The political and economic sphere in India has aided Paytm to become a force to reckon in the Indian market.
With the recent ban on high value bank notes imposed by the government, mobile payments are on the rise. The emphasis or the shift of attention towards fintech payment options has encouraged and motivated people from across the country to adopt digital methods for payments.
Google, realizing the potential in the market, had recently launched Tez, which is a mobile wallet that offers feasibility to users in India.
While the launch of Tez by Google has added diversity for a plethora of Indians, Paytm is still the reigning Maharaja in what can be called its very own Sultanate.
In an interesting turn of events Paytm recently – as recent as 2nd November 2017 – launched a couple of new features that could even give prominent players like Whatsapp a run for their money.
A research by New York Times had indicated that Whatsapp is used by more than two-thirds of all Smartphone owners in India.
Whatsapp Messenger, aware of its reach in the market and the growing fintech industry, had development plans to roll out its own payment service for India in the coming future. Testing and development on the project had started in August and the update could very well be on our screens soon.
Messaging and Finance Together
The new features for Paytm were expectedly unexpected. Paytm issued the update, which has interesting features including the debut of a chat feature known as Inbox, on November 2.
The company released a statement where they clarified all doubts by mentioning that end to end encryption will be provided and group chats would also be available for users.
Paytm, which has the backing of SoftBank and Alibaba among many others, mentioned in the statement that users cannot only carry out financial transactions with their loved ones but could also enjoy a seamless chat experience.
Inbox in Paytm also has the option of recalling messages sent by accident, to ensure that financial dealings are done in a foolproof and flawless way.
Numerous competitors have tried their hand to dethrone Paytm from their position as the biggest player in the market, but the Fintech Company has just been too hot to handle.