TECHNOLOGY

WhatsApp Partners with RazorpayX to Power Seamless Cashback Transactions via UPI

WhatsApp Payments launches a cashback campaign for users nationwide. RazorpayX, Razorpay‘s new banking arm, has become a technology partner for WhatsApp payments, providing users across the country with a smooth cashback experience via UPI. Users who use UPI to pay on WhatsApp can get cashback, and as part of the partnership, the payment platform RazorpayX helps minimise the chances of failed and pending transactions.
Today, UPI is the undisputed payment champion among other payment methods in India. UPI crossed the $1 trillion (Rs 78.35 lakh crore) mark in the 2021-22 financial year after the payment system completed 5 billion transactions for the first time in a month in March 2022.


Within five years of UPI’s launch, today, more than 50% of retail payments in India are made through UPI, thanks to the new habit of instant UPI payments brought on by the pandemic, the growing popularity of smartphones, and due initiative from the government. This significant UPI adoption demonstrates the growing end-user demand for hassle-free payment processes. RazorpayX – WhatsApp payments partnership aims to provide end-users with a seamless and reliable cashback experience.


Harshil Mathur, Razorpay co-founder and CEO, said: “As India’s preference for instant digital payment models grows exponentially, WhatsApp payments will play a key role in the financial inclusion of its 500 million users. In doing so, they earn cashback via WhatsApp. At Razorpay, we are committed to enhancing the existing payment process and simplifying it further, providing consumers with convenience, instant gratification and ease.


Manesh Mahatma, Payment Director, WhatsApp India, said, “WhatsApp is often the first digital gateway for Indians, especially those living in rural and semi-urban areas, and our goal is to expand the financial inclusion of those in need through WhatsApp Payments. Offering secure, secure and easy-to-use digital payments is an important part of scaling up India’s digital economy. We will continue to raise awareness about WhatsApp payments as part of our larger efforts to digitise the next 500 million Indians via payment ecosystem.”


RazorpayX currently serves over 30,000 businesses and processed UPI transactions for over 20% of registered UPI users in India last year. Payments on the Neobanking platform have grown by more than 200%. RazorpayX Payouts helps businesses move money at scale between customers, vendors, suppliers and partners through API-enabled banking. The platform annually pays more than $30 billion (Rs 2.35 lakh crore) in traffic. In addition to payments, other RazorpayX products have seen similar growth, such as vendor payments, taxes, payroll, payment links, and business credit cards.


RazorpayX is the leading new-age commercial finance platform from fintech giant Razorpay. RazorpayX is built on checking accounts (from India’s leading banks) to automate and simplify repetitive and time-consuming financial tasks. From facilitating daily payments, accounting and reconciliation to helping businesses borrow unsecured loans, automating payroll processes, and adhering to the latest tax compliance standards, RazorpayX offers businesses and entrepreneurs the future solutions. RBL and ICICI Bank power RazorpayX checking accounts.

Get Daily Prediction & Stocks Tips On Your Mobile