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In India,Facebook-owned chat app WhatsApp is expected to introduce a peer-to-peer (P2P) payments feature in December after anextendedbeta program in November, according to Factor Daily.
The feature is expected to be integrated directly into the chat app, which means users can send funds to friends and family without ever having to leave the chat interface.
India is the perfect market to introduce a payment service for WhatsApp; here are two reasons why India is an ideal market for WhatsApp:
- WhatsApp has a massive user base in India. The country isWhatsApp’s largest market, counting more than 200 million monthly users. By leveraging this user base, WhatsApp will immediately become one of the most adopted digital payments technologies in the region. For comparison, while Paytm, the region’s top mobile wallet, has roughly 230 million users, its active user base only stands at 54 million as of July,according to TechCrunch.
- Consumers are likely to embrace a new digital payment capability, as India is going through a massive payment shift.Last fall, the Indian government took two bank notes out of circulation, which caused Indian consumers to increasingly rely on digital payments to perform everyday transactions. This, in part, has led to the building of new payment habits, which will help propel digital payments in the region — for context, the mobile wallet market is expected to reach $4.6 billion by 2022, which represents a compounded annual growth rate (CAGR) of 141%, according to astudy, cited by Firstpost, from the Associated Chambers of Commerce and Industry of India and research firm RNCOS.
Jaime Toplin, research analyst for BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on mobile P2P payments that:
- Forecasts the growth of the P2P market, and what portion of that will come from mobile channels, through 2021.
- Explains the factors driving that growth and details why it will come from increased usage, not increased spend per user.
- Evaluates why mobile P2P isn’t profitable for companies, and details several cases of attempts to monetize.
- Assesses which of these strategies could be most successful, and what companies need to leverage to succeed in the space.
- Provides context from other markets to explain shifting trends.
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