WhatsApp Partners With RazorpayX to Power Seamless Cashback Transactions via UPI

RazorpayX

WhatsApp Pay is a chat payment feature that allows users to do things via WhatsApp in their contact list. It is a UPI-based payment service that allows you to send and receive money—developed by the National Payments Corporation of India (NPCI).
WhatsApp Pay was launched in February 2018 in India as part of a trial. Payments via WhatsApp have been presented to one million users under a partnership with ICICI Bank. On February 7, 2020, the messaging app received NPCI approval to roll out its digital payment service in stages. WhatsApp will provide payment services to 10 million nationwide users in the first phase.
Payments on Whatsapp have launched a refund campaign for users across the country. RazorpayX, Razorpay’s neo-banking component, has been introduced as a Payments technology partner on WhatsApp to allow its users to refund via UPI nationwide. Users who use UPI to make payments on WhatsApp receive a refund as part of the partnership. The Whatsapp payment cashback offer is only valid for a short period. Under this Whatsapp payment cashback offer, you can avail of a UPI cashback of Rs 105 on making transactions using Whatsapp UPI. To avail the UPI cashback.

you need to follow the following steps-

  •  Update the WhatsApp app to the latest version on your smartphone.
  • Re one minimum functionality required.
  • It is essential to note that users will not be given Rs 105 directly.
  • WhatsApp will offer a refund of Rs 35 each time users perform the appropriate functions.
  • Users can pay directly by going to their chat window.
  • Offers are only available to users living in India.

UPI (Unified Payments Interface) has become the undisputed payment specialist among other payment methods in India. UPI exceeded the $ 1 trillion mark (Rs. 78.35 lakh crore) in transaction rates in FY 2021-22 after the payment system exceeded $ 5 billion a month for the first time in March 2022.
Within five years of the launch of the UPI, today, more than 50 percent of payments made in India are via UPI due to the new trend of faster UPI payments established by the epidemic, increased adoption of smartphones, and appropriate programs from the Government. This significant UPI adoption reflects the ever-increasing need for a hassle-free payment process for end-users. RazorpayX – Payments to the WhatsApp partnership aims to provide end-users with a seamless and reliable return.
Harshil Mathur, Founder and Chief Executive Officer of Razorpay, said, “With India’s preference for fast-growing digital payment systems, Payments on WhatsApp will play a significant role in investing in its 500 million users. At Payments on WhatsApp as they embark on this journey. At Razorpay, we are committed to improving and simplifying the existing payment process to provide comfort, instant gratification, and customer satisfaction. ”

Manesh Mahatme, Director of Payments at WhatsApp India, said, “WhatsApp is often the first digital gateway for Indians, especially those in rural and urban areas, and with payments on WhatsApp, we aim to increase investment for those who need it. Quickly is an essential part of India’s economic growth. As part of our broader efforts to bring the next 500 million Indians to the digital payments ecosystem, we will continue to raise awareness about payments on WhatsApp. ”

RazorpayX is the leading financial platform for new year business from Fintech giant Razorpay. Built on the current account (from the top banks in India), RazorpayX is designed to automate and facilitate repetitive and time-consuming financial transactions. From day-to-day payments, accounting, and reconciliation to helping businesses borrow money without collateral, automating payment processes, and adhering to the latest tax compliance standards, RazorpayX provides companies and entrepreneurs with a solution for the future.
This Whatsapp payment cashback offer has become very popular and significantly increased the number of Whatsapp UPI users. If we talk about UPI, then Whatsapp UPI was not that popular. Most people use Google pay, Phone pay, and Paytm for making UPI transactions. These platforms provide smooth transactions and give enough UPI cashback offers. Recently Google pay has come up with an exciting UPI cashback offer in which the user has to collect stamps and stickers, which they will get on making transactions using the app. Once the user has enough stamps, they can redeem their UPI cashback.

These platforms are more popular than Whatsapp UPI, giving you coupons on almost every transaction. These brands have collaborated with multiple brands and used their strategy of providing coupons as rewards to their users, which seem to have worked well for these platforms. Whatsapp lacks in this aspect. It does not have any feature to give coupons or other rewards to its UPI users. This has made Whatsapp UPI less popular amongst the people.
Due to this reason, Whatsapp has joined hands with Razorpay. RazorpayX will act as the technology partner of Payments on WhatsApp to enable a smooth cashback experience via UPI for its users across the country. With this new Whatsapp payment cashback offer, Whatsapp has also become quite popular for UPI transactions.

Whatsapp pay journey in India

According to payment industry executives, WhatsApp will still press its payment service to merchants. And that, along with the limited user domain, means that WhatsApp Pay has started to get lazy. As of March, it accounts for only 0.05 percent of UPI jobs translating into 2.54 million transactions costing Rs 239.78 crore. By comparison, PhonePe, the leader in space, recorded 2.5 billion transactions in the same month, followed by Google Play, which saw 1.8 billion UPI transactions in its area. But with the new extension, WhatsApp Pay could begin to extend its service to more merchants on the platform.

The company is embroiled in legal and regulatory disputes with organizations including the RBI, NPCI, and even the Department of Electricity and Information Technology to launch its UPI-based payment service to all its customers. After being approved to test its product in February 2018 with 1 million customers, WhatsApp met various demands from these organizations, such as local data processing, the presence of a local complaints officer, and having home offices. The company completed the local data processing law issued by the RBI, according to a WhatsApp audit report submitted to NPCI. A case against WhatsApp was filed with the Competition Commission of India, alleging misuse of its leading position to introduce WhatsApp Pay in India, but the opposition team dismissed the case.

Also Read: The Recent WhatsApp Updates: Check Out To Know 

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