Payments on Whatsapp has started a cashback campaign for users across the country. RazorpayX, the neo-banking arm of Razorpay, has been incorporated as the technology partner of Payments on WhatsApp to enable a seamless cashback experience through UPI for its users across the country. Users who use UPI to make payments on WhatsApp receive cashback and as part of the partnership, RazorpayX, the payment platform helps ensure minimum chances of failures 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 FY 2021-22 after the payment system crossed 5 billion transactions a month for the first time in March 2022.
within five years of the launch of is iToday, more than 50 percent of retail payments in India are done through UPI, thanks to the new habit of accessing instant UPI payments set up by the pandemic, the adoption of smartphones, and due initiatives from the government. This significant UPI adoption indicates an ever-increasing need for hassle-free payment processing for end users. RazorpayX – Pay On WhatsApp The aim of the partnership is to provide that seamless and reliable cashback experience to the end users.
Harshil Mathur, co-founder and CEO razorpay“As India’s preference towards instant digital modes of payments is increasing rapidly, Payments on WhatsApp will play a key role in financial inclusion for its 500 million users. We are excited to launch the first cashback effort on Payments on WhatsApp As they have begun. This journey. At RazorPay, we are committed to enhance the existing payment process and simplify it further to provide convenience, instant gratification and ease to the consumers.”
Manesh Mahatme, Director – Payments, WhatsApp India, said, “WhatsApp is often the first digital gateway for Indians, especially in rural and semi-urban areas and through payments on WhatsApp we aim to expand financial inclusion to those Who needs it. Safest, secure and easy-to-use digital payments are an important part of growing India’s digital economy, and we’re about to pay on WhatsApp as part of our broader efforts to bring the next 500 million Indians Will continue to raise awareness of the digital payments ecosystem.”
RazorpayX currently serves over 30,000 businesses and has processed UPI transactions for over 20 percent of all UPI registered users in India in the past year. The neo-banking platform has witnessed over 200 per cent growth in its payout business. RazorPay Payout helps businesses move money at scale between customers, vendors, suppliers and partners through API-enabled banking. The platform has disbursed payments with an annual money movement of over $30 billion (Rs 2.35 lakh crore). In addition to payouts, RazorPayX has seen similar growth across its other products such as vendor payments, tax payments, payroll, payout links and corporate credit cards.
RazorpayX is the flagship new-age business finance platform from fintech giant Razorpay. Built on top of a current account (from India’s leading banks), RazorpayX is designed to automate and simplify repetitive and time-consuming financial tasks. By facilitating everyday payments, accounting and reconciliation, RazorpayX provides future-forward solutions to businesses and entrepreneurs to help businesses borrow collateral-free loans, automate the payroll process and comply with the latest tax compliance standards. Is. RazorpayX Current Account operated by rbl And ICICI Bank. RazorpayX has over 30,000 businesses on its platform.