An illustration showing the Paytm logo. (Image Source: Flickr) Photograph: (Others)
Paytm's SoftBank and Alibaba are seeking to attract users from India for its new service
Digital payments company Paytm has decided launch a messaging service to take on Whatsapp, according to The Wall Street Journal.
Last week the e-wallet company had announced it planned to allow its users to buy and sell gold while getting a cut from each transaction.
The company has now decided to challenge the world's biggest messaging service Whatsapp by embedding a messaging service of its own in its app. Paytm will allow users to interact with text messages, audio, video and pictures, reports say.
Paytm has more than 225 million users in India. Whatsapp, on the other hand, dominates the messaging space with over one billion daily active users.
Paytm users surged after PM Modi announced demonetisation in India on November 8 last year which led to the banning of old, high-value currency notes. Indians quickly switched to digital payment as a result of demonetisation powered by Paytm.
Paytm was founded by India's first internet billionaire Vijay Shekhar Sharma in 2010. Paytm is backed by Japan's SoftBank and China's Alibaba.