Outside the U.S., apps with payment capabilities are wildly popular. Many of these apps began not with a focus on payments but more of a communications platform that continued to add more and more features that eventually included P2P transactions, digital payment options, and transaction options for the physical retail locations too. In China, the dominant apps are Alipay and WeChat Pay. In India, Paytm dominates, but is experiencing some new competition. Gizbot takes a look at these apps and compares features:
The online payments sector which has been dominated by Paytm has slowly given rise to competitors capable of squaring up against the former with the likes of Tez and even WhatsApp entering the fray.
WhatsApp: The payments feature in WhatsApp has not been launched officially so unfortunately, it is only available to users who have received the beta update. But if you have a friend who has received the update, by asking them to send you money, you can prompt the app to give them a pop-up message saying the feature is not available in your phone
Paytm: Paytm was launched in 2010 and has dominated the mobile wallet sector for a major portion of its existence. Growing over the years, it is now available in over ten regional languages.
Google Tez: Amassing 7.5 million downloads within 37 days of its launch, the payment service launched by Google is targeted at Indian users, this new entrant is surely one to keep an eye out for.
These apps are intriguing in the way these products are able to engage with their users. Something that has been more elusive in the U.S. market.
Overview by Sarah Grotta, Director Debit and Alternative Products Advisory Service at Mercator Advisory Group
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