Digital wallet Paytm, which shot to fame with the demonetization in India, is now planning to spread its arms. The application might soon begin messaging service for its users and this might threaten the position of WhatsApp in the market. A news report by a popular daily mentioned that Paytm has at present more than 225 million users and the new feature is expected to rollout within the next few weeks.
Paytm had served as a saviour during times, when India was suffering from cash crunch during the time of demonetization. Several users registered on the e-wallet and took advantage of its abilities to make cashless transactions. The introduction of the new feature on the online wallet has come at a time, when the problem of cash crunch has vanished completely.
Prime Minister Narendra Modi had announced the invalidation of Rs. 500 and Rs. 1000 notes which resulted in a severe shortage of cash. Long lines at the ATMs had become a pain in the neck for the general public. It cannot be said at the moment, how Paytm might perform as a messaging app.
There are already several players in the messaging app market in the country. Facebook’s WhatsApp and Messenger are the most popular ones in the market at present. At present WhatsApp has more than 200 million users according to the figures released earlier in 2017. While the usage of Paytm has relatively decreased among the users, the messaging feature might work as a life saver for the digital wallet to survive in the market.
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