Payments on Whatsapp began a rebate promotion for users around the nation in an effort to increase the use of digital payments through UPI.
In order to provide its consumers across the nation with a seamless cashback experience via UPI, Payments on WhatsApp has onboarded RazorpayX, the neo-banking division of Razorpay.
As part of the agreement, RazorpayX, the payment platform, helps minimize the likelihood of failures and pending transactions for users who use UPI to make payments on WhatsApp.
These users also receive cashback. Today, UPI (Unified Payments Interface) has surpassed all other forms of payment in India, forming a partnership with RazorpayX.
After the payments system passed 5 billion transactions in a month for the first time in March 22, UPI crossed the $1 trillion transaction value mark for FY 2021–22. Due to the pandemic’s instillation of the new habit of accessing instant UPI payments, the expanding penetration of smartphones, and appropriate government actions, today, more than 50% of retail payments in India are made using UPI.
This huge UPI adoption shows the need for a frictionless payment procedure for end users, which is robust and constantly expanding. In order to give end consumers a simple and dependable cashback experience, RazorpayX and Payments on WhatsApp have partnered.
Co-founder and CEO Harshil Mathur said, “Payments on WhatsApp would be crucial in enabling financial inclusion for its 500 million users, as India’s appetite for rapid digital payment methods is expanding exponentially.
We are thrilled to support Payments on WhatsApp’s initial cashback initiative as they set out on this adventure.
To provide consumers with convenience, immediate gratification, and ease, Razorpay is dedicated to improving and streamlining the current payment process.”
Director of Payments at WhatsApp India, Manesh Mahatme, said: “Indians frequently use WhatsApp as their first digital entry point, particularly those who live in rural and semi-urban regions. By enabling payments on WhatsApp, we hope to increase financial inclusion for those who most need it.
To scale India’s digital economy, it is crucial to provide safe, secure, and simple-to-use digital payment options. As part of our larger initiatives to bring the next 500 million Indians into the digital payment ecosystem, we will continue to raise awareness of payments on WhatsApp.”
In the past year, more than 20% of all UPI registered users in India had transactions completed by RazorpayX, which today provides services to over 30,000 businesses.
The Payouts business of the neo-banking platform has grown by more than 200 percent.
Through the use of API-enabled banking, Razorpay X Payouts enables businesses to transfer money at scale across clients, partners, suppliers, and vendors. The platform has distributed payouts totaling more than $30+ billion in annualized money movement.
Along with Payouts, RazorpayX’s other products, including Vendor Payments, Tax Payments, Payroll, Payout Links, and Corporate Credit Cards, have experienced comparable growth. Regarding RazorpayX From the Fintech behemoth Razorpay, RazorpayX is the top platform for modern company financing.
RazorpayX is a tool created to automate and streamline time-consuming and repetitive financial processes. It is built on top of a current account (from one of India’s top banks).
RazorpayX offers businesses and entrepreneurs a forward-thinking solution by simplifying day-to-day payments, accounting & reconciliation, assisting with collateral-free loan borrowing, automating the payroll process, and helping firms adhere to the most recent tax compliance rules.
RBL and ICICI Banks power the RazorpayX current account. Over 30,000 businesses use the RazorpayX platform.
