WhatsApp has turned to RazorpayX, the neo-banking subsidiary of Indian fintech Razorpay, to provide cashback transactions to users of its payment feature in India.
As the technology partner of Payments on WhatsApp, RazorpayX will provide an enhanced cashback experience via UPI WhatsApp’s peer-to-peer payments service users across the country.
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The firm will also ensure minimal chances of failures and pending transactions, according to multiple media reports.
WhatsApp, which launched its payment service in India in November 2020, allows users to send money to their contacts from within its platform.
The Meta-owned instant messaging app started offering cashback rewards recently for Indian users of its payment feature in a bid to increase the popularity of its payment feature in the country.
WhatsApp India Payments director Manesh Mahatme said: “WhatsApp is often the first digital gateway for Indians, especially those in rural and semi-urban areas and through payments on WhatsApp our goal is to expand financial inclusion to those who need it the most.
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By GlobalData“Offering safe, secure and easy-to-use digital payments is an important part of scaling India’s digital economy, and we’ll continue to drive awareness of payments on WhatsApp as part of our broader efforts to bring the next 500 million Indians onto the digital payments ecosystem.”
RazorpayX, which is said to have processed UPI transactions to over 20% of all UPI registered users in India in the last year, caters to more than 30,000 businesses.
Commenting on the development, Razorpay co-founder and CEO Harshil Mathur said: “With India’s preference towards instant digital modes of payments growing exponentially, Payments on WhatsApp will play a key role in financial inclusion for its 500 million users.
“We are excited to power the first cashback effort on Payments on WhatsApp as they embark on this journey. At Razorpay, we are committed to enhancing the existing payment process and simplifying it further to offer convenience, instant gratification, and ease to consumers.”
