WhatsApp Payment is available in India, but its reach has been limited, giving the likes of Paytm, Google Pay and PhonePe to flourish. But a few days back, WhatsApp got the nod to sign up to 100 million users on its payment service in the country, posing a stern challenge to the other Unified Payment Interface (UPI) services in India.
And now a new report says WhatsApp is going to use cash backs to lure more users to its payment service in India. The offers are reportedly going to roll out within weeks and will be targeted at the peer-to-peer payments, as well as the merchant payments, as per the sources quoted by Reuters in its report on Wednesday.
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The report mentions that WhatsApp will offer cashback up to Rs 33 if they make payments through the messaging app. WhatsApp is used by billions in India, making it a prime target for services like payments. Cashbacks were the starting point for most digital payment providers in the country.
The report states that Whatsapp will dispatch the cashback even if the transaction value is as low as Re 1. But the Meta-owned platform needs to ensure the payments are legitimate. After all, there were instances of cross-payment when Google Pay came out a few years back in India. People were basically using the cashback offers to send Re 1 to their friends and take the extra money received from Google for making the transaction.
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Google Pay started its journey in India by offering cash back as high as Rs 100 to select users. Gradually, both Paytm and Google Pay changed their cashback strategy and bundled other service discounts as gifts instead.
WhatsApp seems to be using the same ploy here, doling out goodies in the form of cashback to bring more users to its payment service. In India, freebies of any kind are devoured, and cashback is no less.
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So, it will be intriguing to see if this formula works for WhatsApp in the country.
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