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Why Isn’t WhatsApp Payments As Successful as it Should Have Been?
- WhatsApp payments feature was introduced to allow direct payments among friends using UPI.
- Only 14% of 60 people surveyed were unaware of WhatsApp payments feature, 64% had heard of it but not used it & only 25% were willing to try it.
- Market research revealed that communication, lack of data safety assurance & insignificance of its USP lead to low adoption rate of WhatsApp payments.
- As per user behavior, WhatsApp payments app can be and is being used majorly for small payments like sharing canteen bills or similar.
- The most used apps for UPI in India are Google Pay, followed by Paytm and BHIM-UPI.
- WhatsApp payments need to develop and introduce differentiating features to compete with these popular apps and establish an USP.
- A possible USP could be split bill functionality which is a rapidly rising trend in India.
- WhatsApp Payments lacks in product leadership because of the lack of user-focused features that can be implemented.
- WhatsApp can invest in trust campaigns to address user concerns about data safety assurance & include more features like bill scanning, a separate payments tab, and chat labels to segregate customers from suppliers.
- Adding split bill functionality could provide WhatsApp payments an edge over rivals and can help the brand tap into the rapidly rising trend in India.
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