Facebook-owned WhatsApp launched its Digital Payments project in India in 2018 with over 10,000 customers. But WhatsApp could not successfully implement this project in India. Transactions through the Unified Payments Interface (UPI) have broken many records.
PhonePay reportedly dominates transactions with a 47% market share and GooglePay has a 35% market share. The numbers from WhatsApp arrived late in the day. WhatsApp currently only holds 0.01% of its UPI tariff. WhatsApp launched the UPI payment service in India last November after approval was granted by the National Payments Corporation of India (NBCI).
With more than 40 million customers, WhatsApp is unparalleled in paid services such as Paytm, Google Pay and Phone Pay. According to cyber expert Pavan Duggal, WhatsApp payments need to be looked at very carefully. He said we should use this carefully as we process the most important data for money transfers.
WhatsApp launched the Indian rupee logo for customers in India. The company expects that offering such features will increase the number of people transacting through WhatsApp in India. It also offers a cashback offer to Indian users.
After 48 hours, users can receive cashback with WhatsApp payments. However, it is understood that with the rapidly growing digital transactions, it is not easy to make progress in WhatsApp payments. This seems like WhatsApp payment needs an update with some interesting features.