WhatsApp has been attempting to enter the UPI market in order to compete with Indian companies like Google Pay and PhonePe. It recently received permission to treble its user base, and as a result, it began enticing new members with cashback offers. As sources currently claim, WhatsApp Pay has experienced a notable increase in daily transactions, it appears that these efforts are finally paying off.
WhatsApp Pay Becoming Popular?
According to a recent story by The Economic Times, which cited people with knowledge of the situation, WhatsApp has experienced an upsurge in daily transactions since it started giving customers Rs 33 payback for every Rs 1 received over the programme.
According to reports, there has been a huge increase in daily transactions from a few hundred thousand to between two and three million.
There has been a noticeable increase in transactions recently, and WhatsApp Pay is running a number of cashback programmes for both current users and new users. One of the sources made a statement claiming that this had a noticeable effect on transaction volumes.
The question of whether WhatsApp Pay will be able to maintain its growth in the future still exists, however, given the acceptance and market share of the rivals. In India, as of April of current year, Google Pay and PhonePe owned about 47% and 34%, respectively, of the overall market share. WhatsApp, on the other hand, maintained its market share of 0.04%.
It will be fascinating to watch if consumers keep using WhatsApp Pay in the absence of any cashback incentives or other advantages. However, WhatsApp wants to increase its investment in order to expand its digital payment service in India. According to reports, the corporation is also concentrating on merchant payments to attract large quantities of transactions from both new and existing consumers.
We are currently implementing a campaign that gradually offers cashback incentives to our users in an effort to maximise the potential of payments on WhatsApp. We’ll keep raising awareness of payments on WhatsApp as part of our larger efforts to bring the next 500 million Indians onto the digital payments ecosystem, a WhatsApp spokesperson told The Economic Times. Providing safe, secure, and simple-to-use digital payments is an important part of scaling India’s digital economy.
