WhatsApp has reached an agreement with RazorpayX to assist with endless cashback transactions via UPI

WhatsApp has reached an agreement with RazorpayX to assist with endless cashback transactions via UP ...

Payments on WhatsApp has launched a cashback campaign for users across the country. RazorpayX, the neo-banking division of Razorpay, has been onboard as the technology partner of Payments on WhatsApp to provide a smooth cashback experience. As part of the partnership, RazorpayX, the payment platform, helps to ensure minimal chances of failures and pending transactions.

UPI (Unified Payments Interface) has become India''s undisputed payment method. In March 2021-22, UPI exceeded the $1 trillion (Rs. 78.35 lakh crore) mark in transaction values after the payment system exceeded 5 billion transactions in a month for the first time in March 2022.

Today, within five years of UPI''s introduction, more than half of Indian retail payments are paid through UPI, owing to the new habit of accessing instant UPI payments built in by the epidemic, the increasing adoption of smartphones, and due initiatives from the government. This significant UPI adoption demonstrates a strong and 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.

India''s preference for instant digital payments is increasing exponentially, and Payments on WhatsApp will play a crucial role in their financial inclusion as they embark on this journey. At Razorpay, we are committed to simplifying the existing payment process further to provide convenience, instant gratification, and ease to consumers.

WhatsApp India, according to Manesh Mahatme, is often the first digital gateway for Indians, especially those in rural and semi-urban areas. Through payments on WhatsApp, we are continuing to encourage financial inclusion to those who need it the most. As part of our larger efforts to foster the next 500 million Indians into the digital payments ecosystem, WhatsApp is also a well-known tool for the future.

RazorpayX now has a network of over 30,000 businesses in India, employing over 20% of its UPI registered customers. In the last year, RazorpayX paid for UPI transactions, reducing the number of clients, vendors, suppliers, and partners in the country. In addition to Payouts, RazorpayX has seen a similar growth across its other services, including Vendor Payments, Tax Payments, Payroll, Payout Links, and Corporate Credit Cards.

RazorpayX, the world''s leading new-age business financing platform, has been developed by RBL and ICICI Banks. From facilitating day-to-day payments, accounting and reconciliation, RazorpayX assists individuals and families in finding valuable information. RazorpayX is based on over 30,000 customers and has over 30,000 businesses on its platform.

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