WhatsApp has announced two new features for making payments

WhatsApp has announced changes to its chat composer that will be tailored to the needs of the company’s Indian user base. The modifications are intended to make it simpler for Indian users to make payments via WhatsApp by allowing them to scan QR codes or utilize the symbol on the chat app.

The new features were unveiled by WhatsApp during the Global FinTech Festival (GFF) 2021, which is on its last day of operation as of this writing. What they are is that WhatsApp will now enable the usage of the symbol in its chat composer, which is a first.

According to the business, the sign would make it simpler for individuals to transfer money to their friends or make payments via WhatsApp, particularly for Indian users who speak the language of the program in their native tongue.

Users will be able to scan any QR code using the Camera icon in Composer, according to the company’s announcement.

According to WhatsApp, the QR codes would allow users to make payments “at more than 20 million shops throughout India.” WhatsApp has said that it has already begun rolling out these services in India and that all users should be able to use them in the near future.

WhatsApp, on the other hand, has the unique benefit of being the most widely used chat application in the world. As a result of the large number of peer-to-peer transactions taking place in India, it is expected to expand significantly. UPI payments, on the other hand, do not have that advantage, since the procedure is, obviously, the same as it is on other applications such as Paytm and Google Pay.

In order to do this, WhatsApp was previously seen developing a cashback function for WhatsApp Payments customers in India. Apparently, customers who make payments via WhatsApp Payments will soon be eligible for cashback, according to the company. According to the article, the functionality will be made available in a future update and will only be relevant to UPI payments going forward.

Some of the other new features that will captivate consumers include the option to customize payment backdrops when giving money to pals via WhatsApp Payments. The function, which was first introduced in August, operates in the same way as Google Pay’s payments in the background feature.

There are ongoing attempts to make up for the lackluster launch of the Payments function in India, which is being compensated for.

According to NPCI monthly statistics, WhatsApp was initially made available to 20 million users in India in November 2020, but up until the first quarter of this year, it contributed to just 0.02 percent of UPI volumes and 0.01 percent of transaction value in the country. Although the poor results were attributed to a lack of marketing and integration efforts throughout India at the time, the situation has since improved. This attitude has obviously shifted in recent years.

“2/3rds of India is still rural,” says Manesh Mahatme, Director Payments at WhatsApp India. “These advantages of digital advances will be realized in the years to come for the rural population.” WhatsApp has made it obvious that it wants to be a significant service provider in this field. It seems probable that it will accomplish its objective in the coming months, given the huge and engaged user base it currently has and the continuous push it is receiving.

Related Posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.