WhatsApp to offer cashbacks during payments in India
After a long delay, Facebook finally launched the Payments feature on its WhatsApp messenger app in India in November 2020. Since then, it has not been able to garner much interest from users compared to Google Pay, PhonePe or Paytm in India.
Now, in a bid to encourage people to conduct more cash transactions, it is planning to bring the cashback offers on the WhatsApp Payments platform.
Reliable community blog WABetaInfo has claimed that the company has already offered up to Rs 51 cashback per transaction on WhatsApp Payments. It cited user Vipin, who made multiple transactions with five people and each time, received Rs 51. In total, his account was credited with Rs 255.
Rival Google Pay, PhonePe, and even Paytm too offer such offers. It is a kind of psychological engineering technique to make people transact more through Unified Payment Interface (UPI)-based apps instead of hard cash.
Due to Covid-19 restrictions since March 2020, several people and small-time traders including vegetable vendors in the streets too have embraced mobile app-based transactions.
Recently, Paytm conducted a UPI Cashback Dhamaka campaign ahead of Deepavali (or Diwali) festival and more than 100 people are said to have won Rs 1 lakh.
Over the last couple of years, India has outgrown China and several developed markets in terms of digital cash transactions.
As per the latest report, India registered 3.65 billion UPI transactions worth Rs 6,54,351 crore in September 2021.
PhonePe and Google Pay lead the market with 44 per cent and 36 per cent share in India. Paytm and Amazon Pay other two primary rivals. However, WhatsApp is placed in the fifth position.
However, things may change for WhatsApp once it begins the wider rollout of cashback offers in India.
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