Staring Of A New Era: WhatsApp P2P Payment
After the demonetization, the payment industry in India is booming like wildfire, almost every messaging app has integrated P2P money transaction models, like Hike and TrueCaller, over their platforms. Applications like Google Tez and BHIM has achieved a level of success which is not hidden from anyone. Looking at the scenario, when Whatsapp launched the P2P payments, it is probably the one thing to keep an eye on.
The user database covered by WhatsApp is already huge, and in that case, the P2P payment will cover a lot of lives, and it has the audacity to bring a new era of online payments. There are ways that it will touch people’s lives, let us put some light on a few points.
1. Return on Investments
A lot of business are working on Instagram and WhatsApp, and the mode of payment is changing from person to person. Well now when Whatsapp is introducing the Whats app wallet, it will get much easier for everyone to trade over Whats app and get the best out of their business. Now with just a few clicks people can perform the transaction and confirm their payments.
2. Point of Sale
Whatsapp wallet can act like an incredible transaction method, which will not only let a user transfer and receive money but it will let people purchase things from the outlet and gives the ability to perform a hassle-free business around the globe.
3. Less Development Cost
For people who are working as an entrepreneur, and are in a process of developing an app as an Android App Development Company, the peer to peer service from Whatsapp can help them reduce the cost of app development. That will result in less amount of investment and much more revenue generation.
As the rate of cyber crime is increasing, and with every minute hackers are trying to get into someone’s account. People entrust e-Wallets to keep their details safe and secure. Whatsapp, being the most used messaging app, has already secured its user’s chats with end-to-end encryption. With some more improvement and the trust over the online transaction application will let people have a belief in the system to save the details and create their own profile over the application.
Whatsapp will also introduce Whatsapp Business app, upgrading from peer to peer mobile wallet, which will deliver a faster way for the upcoming business peripherals.
The major competitor of the upcoming Whatsapp wallet will be none other than PayTM and PhonePe which already has deep roots in the market. So hold your breath and let’s look at the future together.