Competition between Paytm and Facebook-owned WhatsApp just got fiercer. To counter WhatsApp’s much-awaited entry into the Indian digital payments space, Paytm has launched its instant messaging service, Paytm Inbox.
The messaging platform is unique in that it allows users to chat and transact at the same time. With this launch, Alibaba Group-backed Paytm is likely looking to replicate the success of Tencent’s WeChat business model in China.
Commenting on the development, Paytm Senior VP Deepak Abbot said, “We have realized that besides making payments, our users and merchants also like to communicate with each other. There is a need for social messaging, commerce and payments seamlessly blending into one another. This will help us drive greater engagement on our platform and build a stronger bond with our customers.”
So, What Exactly Is Paytm Inbox?
As stated by Abbot, Paytm Inbox is actually a more advanced version of Paytm Lifafa, a money gifting product that was launched around this year’s festive season. The service was marketed as a digital version of “shagun” that allows friends, family, and even employers to gift money during special occasions like weddings, anniversaries and festivals.
Through Paytm Inbox, customers can send texts, photos, videos, live locations and photos captured with a built-in camera. Other features include instant notifications, orders and games.