Payments on Whatsapp launched a cashback campaign for users across the country. RazorpayX, the neo-banking arm of Razorpay, has been onboarded as the technology partner of Payments on WhatsApp to enable a smooth cashback experience via 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 chances of failures and pending transactions.
Today, UPI (Unified Payments Interface) has become the undisputed payments champion among other payment modes in India. UPI crossed the $1 trillion (Rs. 78.35 lakh crore) mark in transaction values for FY 2021-22 after the payments system crossed 5 billion transactions in a month for the first time in March 2022.
Within five years of the launch of UPI, today, over 50 percent of retail payments in India are routed through UPI, thanks to the new habit of accessing instant UPI payments set in by the pandemic, the rising adoption of smartphones, and due initiatives from the Government. This significant UPI adoption indicates a strong ever-growing need for a hassle-free payment process for end-users. The RazorpayX - Payments on WhatsApp partnership aims to provide that seamless and reliable cashback experience to end-users.
Harshil Mathur, Co-founder and CEO of Razorpay, said, "With India's preference towards instant digital modes of payments growing exponentially, Payments on WhatsApp will play a key role in financial inclusion for its 500 million users. We are excited to power the first cashback effort on Payments on WhatsApp as they embark on this journey. At Razorpay, we are committed to enhancing the existing payment process and simplifying it further to offer 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 financial inclusion to those who need it the most. Offering safe, secure and easy-to-use digital payments is an important part of scaling India's digital economy, and we'll continue to drive awareness of 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 in the last year has processed UPI transactions to over 20 percent of all UPI registered users in India. The neo-banking platform has seen over 200 percent growth in its Payouts business. RazorpayX Payouts helps businesses to move money at scale across customers, vendors, suppliers, and partners via API-enabled banking. The platform has disbursed payouts with an annualized money movement of over $30 billion (Rs. 2.35 lakh crore). In addition to Payouts, RazorpayX has witnessed similar growth across its other products such as Vendor Payments, Tax Payments, Payroll, Payout Links, and Corporate Credit Cards.
RazorpayX is the leading 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. From facilitating day-to-day payments, accounting and reconciliation, to helping businesses borrow collateral-free loans, automate the payroll process, and adhere to the latest tax compliance standards, RazorpayX provides businesses and entrepreneurs with a future-forward solution. RazorpayX current account is powered by RBL and ICICI Banks. RazorpayX has over 30,000 businesses on its platform.