Friday, September 30, 2022

WhatsApp Payments Feature Sees a Warm Acknowledgment From Users

WhatsApp Pay was started last month in India and started off casually with only 310,000 UPI transactions in November 2020, according to the National Payments Corp. of India.

The reason for the tepid response to Whatsapp Pay was its insufficient availability to users, with 400 million active users in India not getting the feature at the same time in India. However, specialists said with excuses, such as cashback and more merchant-centric features, the Facebook-owned firm can make headway in a market that is largely controlled by pure payment apps such as PhonePe, Paytm, and Google Pay.

NPCI has put a 30% cap on UPI transactions to conquer the monopoly of Google Pay and PhonePe, which in November recorded 960 million and 868 million transactions, individually. However, specialists believe WhatsApp still has a long way to go.

ALSO CHECK: Get an amazing discount with Mamaearth Coupons and The Man Company Coupons 

“Various users still do not know that WhatsApp has payment ability. As users start communicating with businesses and when businesses start sending payment requests via UPI, slowly we will see transactions grow on WhatsApp too,” said Arnav Gupta, analyst, Forrester Research.

The payment feature in WhatsApp is a Different Kind of experience. The standalone payment apps is combined in a chat window. “Many people don’t open WhatsApp with the purpose of making payments, unlike Paytm and Google Pay where you usually go to make payments,” said Faisal Kawoosa, co-founder and chief analyst, techARC.

Nevertheless, some feel that payment being a blended feature of the app has its own use case and that provides WhatsApp an advantage over others.

“Many retailers are already using WhatsApp from a transaction point of view for sharing goods photos and videos with consumers. The amount in that cases is done through third-party apps like Paytm,” said Sanchit Vir Gogia, founder and chief executive officer, Greyhound Research.

For the B2B and B2C business it is crucial for WhatsApp to have a huge fleet on the street, Gogia pointed out. Platforms like Paytm have a huge fleet of people on the territory who are educating and helping retailers set up online stores.

“Level of technology education on the ground is dismal. Though people use WhatsApp they need more courage to plan a Business store and do transactions on it,” he said.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img

Most Popular

spot_img

Latest

Nora Fatehi Stunning Look: Nora Fatehi dropped her beauty in a yellow dress, sometimes with wavy hair sometimes looked amazing!

Nora Fatehi was spotted in a splendid style once more, and I'm not sure what magic happened to Nora that kept the viewers staring...

Photos: Now the railway stations of India will look more luxurious than the airport, the picture will be like this in the coming few...

Indian Railways' proposal for redevelopment of railway stations in New Delhi, Ahmedabad, and Mumbai has been approved. Around Rs, 10,000 crores is being invested...

Country’s most affordable electric vehicle debuts: With a starting price of Rs. 8.49 lakh and a range of 315 kilometres, Tata introduces the Tiago...

Today, Tata Motors unveiled the electric version of the Tata Tiago, a well-liked hatchback. It has an initial cost of Rs. 8.49 lakh. This...

FD Return: According to the annual inflation rate, understand the FD returns of these 5 banks, see how you will get the benefit

Inflation And Actual Return on FD:  If you are thinking of investing your money then this news can be useful for you. It is...

In online transactions, we are more cautious when: India leads the globe in multi-factor security adoption, with a utilisation rate of 66% and a...

When it comes to the acceptance and use of Multi-Factor Authentication, the nation is experiencing the fastest growth in the globe (MFA). The use...

Most Popular

Subscribe

* indicates required