Payments made via WhatsApp started a cashback promotion for all users throughout the nation. In order to give its customers a smooth UPI Payments cashback experience across the country. WhatsApp has onboarded RazorpayX, the neo-banking division of Razorpay. As a section of the partnership, RazorpayX, the payment platform, assists users who use the UPI method to make payments on WhatsApp by reducing the possibility of errors and pending transactions. The users also receive cashback.
Undoubtedly the best payment method available in India today is UPI (Unified Payments Interface). After the payments system passed 5 billion transactions in a month for the first time in March 2022, UPI passed the $1 trillion (Rs. 78.35 lakh crore) record in transaction values for FY 2021–22.
As a result of the epidemic, the development of the new habit of making quick UPI payments, the growing smartphone market, and necessary government activities, over 50 percent of the total retail payments in India are now made using UPI. This massive UPI adoption demonstrates the necessity for a stable and constantly growing frictionless payment process for end customers, which is robust and constantly expanding. In order to give end-users a simple and dependable cashback experience, RazorpayX and Payments on WhatsApp have partnered.
Razorpay’s co-founder and CEO, Harshil Mathur, said: “Given that India’s appetite for rapid digital payment options is growing dramatically, payments on WhatsApp would be essential in enabling financial inclusion for its 500 million members. We are pleased to help Payments on WhatsApp as they start this journey by supporting their debut cashback campaign. Razorpay is committed to enhancing and streamlining the present payment process to offer consumers convenience, instant gratification, and ease.”
Director of Payments for WhatsApp India, Manesh Mahatme, stated: “Indians frequently use WhatsApp as their first digital access point, particularly those who live in rural and semi-urban regions. We want to improve financial inclusion for those who need it the most by enabling payments on WhatsApp. To expand India’s digital economy, it is essential to offer safe, secure, and easy-to-use digital payment methods. We will continue to spread awareness regarding 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 over 30,000 enterprises, completed transactions for more than 20 percent of all UPI enrolled customers in India during the course of the previous year. The Neo-Banking Platform’s Payouts business has increased by more than 200 percent. Through API-enabled banking, RazorpayX Payouts enables organizations to transfer money at scale across clients, partners, suppliers, and vendors. The platform has made payouts totaling more than $30 billion in annualized money transfers (Rs. 2.35 lakh crore). Along with Payouts, RazorpayX’s other products, including Tax Payments, Payout Links, Vendor Payments, Payroll, and Corporate Credit Cards, have experienced comparable growth.
RazorpayX is the best platform for contemporary financing companies from the Fintech company Razorpay. RazorpayX is a tool created to automate and streamline time-consuming and repetitive financial processes. RazorpayX offers companies and entrepreneurs a forward-thinking solution by facilitating day-to-day payments, accounting, and reconciliation, in addition to assisting businesses in borrowing collateral-free loans, automating the payroll process, and adhering to the most recent tax compliance standards. RBL and ICICI Banks power the RazorpayX current account. More than 30,000 companies use the RazorpayX platform.