The National Payments Corporation of India (NPCI) on Wednesday stated it has allowed WhatsApp to allow Unified Payments Interface (UPI) funds to an extra 60 million customers, taking the entire consumer base to 100 million. The UPI funds function had gone reside on the Meta-owned Whatsapp in November 2020 for 20 million customers; the cap on the consumer base was later raised to 40 million in November 2021. In March WhatsApp was used for making 2.54 million UPI transactions price Rs 239.78 crore. It accounted for 0.05% of UPI transactions by way of volumes and 0.025% by worth. PhonePe is the main UPI app, with 2.5 billion transactions in March, adopted by Google Pay, which recorded 1.8 billion transactions throughout the month.
Payment business executives say that the corporate is but to start buying retailers aggressively to allow peer-to-merchant (P2M) transactions. There has additionally been little advertising and marketing buzz across the fee function. Moreover, a majority of WhatsApp’s 400 million-strong consumer base in India lacks entry to the fee possibility. In December 2020, the corporate had stated it had about 15 million customers on its WhatsApp for Business app, designed particularly for the kirana store proprietor. In 2019, the corporate launched catalogues for store house owners to showcase their merchandise to their prospects and in 2020, it added extra new options to the enterprise app.
Further, WhatsApp had introduced its plans to allow the sale of “sachet-sized” medical health insurance merchandise by its platform. The messaging large was additionally operating pilots within the areas of micro-pension, edtech and agritech, stated Abhijit Bose, head of WhatsApp India, talking at Facebook’s Fuel for India occasion in December 2020.
Source: www.financialexpress.com”