WhatsApp has partnered with Razorpay’s neo-banking arm, RazorpayX, for its cashback campaigns. The messaging platform recently began offering cashback rewards. The partnership to provide cashback through UPI will minimise the number of failed and pending transactions, RazorpayX said in a statement.
A RazorpayX statement said that UPI crossed $1 trillion in transaction value for FY 2021-22. Harshil Mathur, co-founder and CEO of RazorpayX, said, “With India’s preference for instant digital modes of paymentgrowing exponentially, payments on WhatsApp will play a key role in financial inclusion for its 500 million users.”
Manesh Mahatme, Director of WhatsApp Payments, said, “Offering secure and easy-to-use digital payments is an important part of scaling India’s digital economy, and we will continue to drive awareness of payments on WhatsApp as part of our broader efforts.” According to reports, daily transactions increased from a few hundred to 2-3 million per day after WhatsApp’s cashback campaign.