Whatsapp Partners With Razorpayx Updates: UPI accounts for more than 50% of all retail payments in India, and RazorpayX has experienced a rise of over 200% in its Payouts business.
Whatsapp Partners With Razorpayx Updates: Payments launched a cashback promotion on WhatsApp for subscribers all throughout the country. Payments on WhatsApp has partnered with RazorpayX, the neobanking arm of Razorpay, to offer its customers across the country a smooth cashback experience using UPI. As part of the collaboration, RazorpayX, a payment platform, assists users who use UPI to make payments on WhatsApp by reducing the possibility of errors and pending transactions. Additionally, these users get cashback.
WHATSAPP PARTNERS WITH RAZORPAYX TO POWER SEAMLESS CASHBACK TRANSACTIONS VIA UPI
UPI is unquestionably the best payment option currently available in India (Unified Payments Interface). UPI achieved the $1 trillion (Rs. 78.35 lakh crore) barrier in transaction values for FY 20212022 when the payments system passed 5 billion transactions in a month for the first time in March 2022. More than 50% of retail payments in India are now made utilising UPI as a result of the pandemic’s instillation of the new habit of accessing instant UPI payments, the rising smartphone market, and suitable government efforts. This massive UPI adoption highlights the necessity for a stable and constantly growing frictionless payment process for end users. RazorpayX and Payments on WhatsApp have joined to provide the 500 million users of ion with a straightforward and reliable cashback experience. We are thrilled to help Payments on WhatsApp as they embark on this adventure with their maiden cashback effort. At Razorpay, we’re committed to streamlining and enhancing the current payment process to make it simple, satisfying, and quick.
“Indians commonly use WhatsApp as their first digital entry point, particularly those who live in rural and semiurban areas,” said Manesh Mahatme, Director of Payments for WhatsApp India. We want to improve financial inclusion for those who need it the most by enabling payments on WhatsApp. Having safe, secure, and easy-to-use digital payment methods is essential for expanding India’s digital economy. We will continue to spread awareness of payments on WhatsApp as part of our bigger initiatives to include the next 500 million Indians in the digital payment ecosystem. “RazorpayX, which presently offers services to more than 30,000 enterprises, completed transactions for more than 20% of all UPI registered users in India during the course of the previous year. The Neobanking Platform’s Payouts business has increased by more than 200 percent. Organizations are able to transfer money at scale among customers, partners, suppliers, and vendors thanks to RazorpayX Payouts’ APIenabled banking. More than $30 billion in annualised money transfers have been paid out over the programme (Rs. 2.35 lakh crore). Along with Payouts, other RazorpayX products have shown comparable growth, including Vendor Payments, Tax Payments, Payroll, Payout Links, and Corporate Credit Cards.