The increased need for remote communication during the pandemic drives the growth
According to Juniper Research, the number of instant messaging users will reach 4.3 billion this year, compared to 3.9 billion in 2019.
The data revealed that integrated payment services in instant messaging apps are key to continuing this boost. The partnership between instant messaging app developers and payment gateways is expected to provide payment capabilities in apps. Overall, it would increase the value proposition as well.
The partnerships with retailers will be essential to developing an instant messaging payments ecosystem, the study found. This way, retailers will be able to extend their omnichannel strategies into the messaging space.
Besides, they are expected to capitalize on WhatsApp, Facebook Messenger, and WeChat, as an additional retail channel.
We’ve reported that over half a trillion real-time payment transactions will be processed over 5 years. The report highlights that consumers will get into new digital payment services habits, thus boosting the global Instant Payments (IP) market.