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Thursday, December 1, 2022

WhatsApp Pay works on new ‘cashback’ feature to boost its use in India

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WhatsApp Pay seems to have learnt how to boost the use of its payment platform. The app is working on a new feature for users of WhatsApp Payments in India.

WhatsApp is offering “cashback,” the new feature to encourage its users to test its payment platform. The company is introducing casback after it enabled a new payment chat shortcut to swiftly submit payments from the chat bar.

The Facebook-owned messaging app has described WhatsApp Payments as a ‘safe and easy way to send money’.

Speaking about the new casback feature, WhatsApp says, “This safe payment experience makes the transfer of cash as simple as sending a message. People can safely send money to a family member or split the cost of goods without having to exchange cash in person or visit a local bank”

When the new feature becomes accessible, the Facebook-owned app will clarify whether all users would be eligible for the casback or only those who have never sent a money using WhatsApp.

To boost its payment services offering in India, Whatsapp has added the Payments Backgrounds function on the platform. The payments function on WhatsApp is an India-first. The real-time payment system tat allows transactions with over 227 banks was designed in collaboration with the National Payments Corporation of India (NPCI) on the UPI.

WhatsApp Pay is being made available to a larger number of users. The app stated that the new payment function would be gradually rolled out to users. Many users did not receive the function immediately after it went live, even after refreshing their app numerous times, but it appears that most Android and iOS users are finally getting it.

The new cashback feature is expected to not only boost the use of WhatsApp Pay in India, but also help it compete better with the country’s top-performing UPI apps, including Google Pay and PhonePe.

WhatsApp Pay is lagging behind those apps, in terms of transaction volume and value. According to the latest National Payments Corporation of India (NPCI) data, WhatsApp Pay processed only 0.50 million transactions in August, compared to 1,622.95 million and 1,243.75 million for PhonePe and Google Pay, respectively.

Here’s how to enable Payments on WhatsApp — Go to your app’s Settings menu — Tap on the Add New Payment option at the bottom of the screen — You will then be led to a page with a list of banks.

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