Payments on Whatsapp launched a cashback campaign for users across the country. RazorpayX, the neo-banking arm of Razorpay, has been onboarded as a Technology Partner of Payments on WhatsApp to enable a seamless cashback experience through UPI for its users across the country. Users using UPI to make payments on WhatsApp receive cashback and as part of the partnership, RazorpayX, the payment platform helps ensure minimal risk of failed transactions and pending transactions.
Today, UPI (Unified Payments Interface) has become the undisputed payment champion among other payment methods in India. UPI crossed the $1 trillion (Rs. 78.35 lakh crore) mark in transaction values for the 2021-22 financial year after the payment system crossed 5 billion transactions in a month for the first time in March 2022.
Within five years of the launch of UPI, today more than 50% of retail payments in India are routed through UPI, thanks to the new habit of accessing instant UPI payments brought about by the pandemic, the increasing smartphone adoption and due government initiatives. This significant adoption of UPI indicates an ever-increasing need for a hassle-free payment process for end users. The RazorpayX – Payments on WhatsApp partnership aims to provide this seamless and reliable cashback experience to end users.
Harshil Mathur, co-founder and CEO of Razorpay, said: “With India’s preference for instant digital payment methods growing exponentially, payments on WhatsApp will play a key role in financial inclusion for its 500 million of users. We’re excited to power the first effort to get cash back on payments on WhatsApp as they embark on this journey. At Razorpay, we are committed to improving the existing payment process and simplifying it further to provide convenience, instant gratification and ease to consumers.
Manesh Mahatme, Director – Payments, WhatsApp India, said, “WhatsApp is often the first digital gateway for Indians, especially those in rural and semi-urban areas and through payments on WhatsApp, our goal is to expand the financial inclusion to those who need it Providing safe, secure and easy-to-use digital payments is an important part of scaling India’s digital economy, and we will continue to raise awareness about payments on WhatsApp as part of our broader efforts to bring the next 500 million Indians onto the digital payments ecosystem.”
RazorpayX currently serves over 30,000 businesses and last year processed UPI transactions for over 20% of all registered UPI users in India. The neo-banking platform has seen more than 200% growth in its payments business. RazorpayX Payouts helps businesses move money at scale between customers, vendors, vendors, and partners through API-enabled banking services. The platform has been disbursing payouts with an annualized monetary movement of over $30 billion (Rs. 2.35 lakh crore). In addition to payments, RazorpayX has seen similar growth in its other products such as vendor payments, tax payments, payroll, payment links, and corporate credit cards.
RazorpayX is Fintech giant Razorpay’s leading new era business financing platform. Built on top of a checking account (from major Indian banks), RazorpayX is designed to automate and simplify repetitive and time-consuming financial tasks. From facilitating day-to-day payments, accounting and reconciliation, to helping businesses borrow unsecured loans, to automating the payroll process and meeting the latest tax compliance standards, RazorpayX offers businesses and entrepreneurs a solution for the future. RazorpayX current account is powered by RBL and ICICI banks. RazorpayX has over 30,000 businesses on its platform.