Paytm was India’s first digital wallet service provider. It revolutionized the country’s digital payments landscape, but it was slow to adopt Unified Payments Interface (UPI) payments. The entry of WhatsApp into the digital payments industry on November 6, 2020 intensified the competition in the UPI segment of the market that Google Pay and PhonePe already dominated by focusing on person-to-person (P2P) transactions. With a strong 400-million user base, WhatsApp threatened to be a formidable competitor in the P2P segment. Paytm was in third position in the UPI-based payments market, but maintained a firm hold on the person-to merchant (P2M) segment. Should Paytm continue to focus on that segment or should it expand to P2P, which was a larger market with big competitors?
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