In the digital world, Whatsapp Payments and Google Tez are the new “Normal”.
For the longest time, people have been wondering how to send money on WhatsApp?
This is quite recently that WhatsApp, the highest rated messenger has come up with its own payments feature. The beta version has allowed a large base of users to send and receive money while chatting up with friends.
Alongside came Tez, which caused a certain level of disruption in the market. Google is the mind behind Tez and enables trendsetting in the way people make payments. The grand two issues for the new entrants are cash transactions and the existing competitors. However, Whatsapp and Tej together have the potential to change the payments domain.
Whatsapp as a new endeavor looks to change the way ‘payments’ were viewed earlier! Whatsapp along with Tez has an instrumental role to play to challenge the existing players in the digital payments world.
After demonetization, more and more people are tilting towards instant online payments. This will in itself boost the economy and encourage newer users. Whatsapp Pay and Google Tez have brought in a distinct side to online payments.
- Large Existing Clientele:
Payment apps was a new concept for online users and it was tedious to attract a huge customer base. This is where WhatsApp took a toll over other companies and brands with its largest customer base ready at around 225 million users approximately. Infact, Tej is starting to fare well of over 18 million users at the moment.
No separate app is required to be downloaded for making a transaction.
WhatsApp has that advantage to deliver quality services to all its users and across all social, ethnic and cultural groups. People are already used to navigating through the app and well versed. Users are almost pro WhatsApp and Google. These people will gracefully receive a payments feature for faster transactions. People will quickly accept the methodology and functionalities.
- UPI Incorporated Payments
Google Tez and WhatsApp Pay both use United Payments Interface (UPI) a system launched by NPCI. The bank account with directly is linked to the payments app for sending and receiving money, straight into the respective accounts. Other payment apps do not use UPI which make them difficult to use.
Convenience is the first feature people are looking in their payments app.
The launch of WhatsApp Payments and Tez will make the over competitive environment, all the more volatile. The digital payments space will experience a spurt of changes and further improvements.