Srikanth
Whatsapp payments is now among the most recent feature which is being added to the popular IM platform, and Whatsapp has been promoting it aggressively among its users. As per the report, Whatsapp payments may reveal cashback rewards in order to promote the service. This recent feature, moreover, is as of now in the development stage and may take some time to reach its beta tester.
As per the WABetaInfo, on Whatsapp for the Android version 2.21.20.3, a new cashback feature is arriving in the Whatsapp payment system. As per the report, the cashback is for those who used to promote and market the digital payment feature. This feature looks to be in the works, as Whatsapp as of now is revamping the information page and adding a few new icons and themes to the platform.
The upcoming recent Whatsapp payment feature could be highly exclusive to India as of now or introduced there initially. The cashback is linked to the UPI payments in India, as revealed by the WABetaInfo. Whatsapp will be offering a cashback of around INR 10 per transaction; moreover, this may be hiked before the feature will officially launch into the market.
Customers can only receive one cashback, as per the WABetaInfo. It is, as of now, not clear whether this indicates Whatsapp will only give you one cashback per payment or one cashback per transaction. There is also some major concern about whether cashback will be available primarily to new users or to existing users.
This feature is, as of now, under alpha and user acceptance testing in the Whatsapp application, but it is not officially available to public beta testers. “Get assured cashback on your next UPI payments,” it reads at the top of the chat list.
To get started with it, simply click on it. There is, as of now, not enough information lately, but as the developers keep on continues, we may learn some more about this whatsapp payment feature. The cashback option is clearly a new strategy for whatsapp to promote its payment services in India.
Instant Messaging platform, has already initiated to roll out a new payment service shortcut that makes it easier for the users to discover the new feature. Apart from being inside the attachments box, the payment button is now in the text area. In India, it also revealed background cards, which offer a splash of a different set of colors and a more personalized experience to payments. This is much more identical to the Google Pay backgrounds cards.
In our country, Google Pay, as of now, gives cashback of around INR 10 on payments above INR 150 via different coupons in collaboration with the various brands via scratch cards. The platform also has a milestone feature, in which users are only rewarded after completing several amounts of transactions. Paytm, on the other hand, provides scratch cards following payments, which can be Paytm first points, coupons, gamified stickers or cashback of around INR 10. PhonePe, in a similar way, provides an interchangeable scratch card after completing a transaction using its different services.
A UPI and digital payment services Scenario In India
UPI, which started in the year 2016, has acceptance in the market. It has seen its lowest fall in the month of April last year, where transaction volume dipped to 990 Million, and transaction value dropped to INR 150 lacs. This drop is mainly due to the Coronavirus-19 lockdown restrictions on dining out, offline payments, travel, entertainment, and ecommerce. After the ease of restrictions and lockdowns, UPI transactions surpassed the 2 Billion mark and went on the path of recovery in the month of October 2020, which is quite similar to the trend in August and September this year.
In the month of August 2021, UPI crossed around 2.9 billion transactions which is worth around INR 5.47 lac crore and in September, it recorded around 3.2 billion transactions which is worth around INR 6.06 lac crore of around 10.8% month on month.
Not just the UPI, the Reserve Bank of India also used to monitor the growth of digital transactions with its digital payments index DPI.
