Enterprises and users have switched to Over The Top (OTT) messaging apps in recent times. OTT messaging apps like WhatsApp, Line, Facebook Messenger, Viber, etc. allow users to send rich media messages (video, images, gifs) easily. This is more engaging than sending simple text-based messaging.
Let’s take a look at which OTT platforms are standing out from the rest. Data as of October 2020 indicates that WhatsApp is the most preferred messaging platform with nearly 2 billion monthly active users, followed by Facebook at 1.3 Billion users. (Statista)
In the ever-changing and ever-evolving landscape of the digital world that we inhabit now, especially since the advent of COVID-19, most of our purchases, transactions, and other exchanges happen online or via a smartphone. Hence, it is crucial for an upcoming or even an established FinTech company to understand the changing consumer needs and behavior. As of today, India remains at the cusp of the FinTech revolution. In the average 20,000 startups mushrooming, 10,000 plus are only FinTech related. These changes have actually revolutionized the FinTech ecosystem.
The transition or transformation of financial processes from physical to digital media, and onto web and mobile apps has been fast. But within digital media itself, there is another transformation taking place. Beyond the era of the websites and apps, there is an emerging era of conversations and messaging. FinTech also is moving in this direction of going beyond the app and is sort of living in the messaging ecosystem.
By Beerud Sheth
Founder & CEO | Gupshup
Imagine being able to buy a book, order food, book a taxi, get news and do much more from right within your favourite messaging app. Or using any other internet service while using the messaging app. If that sounds inconceivable, it is already happening. There is a major tech revolution going on right now. Slowly, but surely, mobile apps are being replaced by a new type of software program: Chatbots. Continue Reading