WhatsApp Payments is advancing in the world of UPI payment. The instant messaging platform saw a peak in transactions in June 2022. The National Payments Corporation of India (NPCI) has released the latest transaction volume data for the month of June. While other top players in the industry, such as Google Pay and PhonePe, maintained their rank in terms of transaction volume and value, WhatsApp showed promising developments. Read also – The new WhatsApp scam offers jobs, a free visa in the United Kingdom: how to protect yourself
According to data revealed by NPCI, WhatsApp Payments recorded a total of 23.04 million transactions (2.3 crore) and the volume is 429.06 crore. While the instant messaging platform saw growth in June 2022, the spike can be partly attributed to the instant messaging app’s various cashback offers. The relatively low transaction value can be a strong indicator that WhatsApp campaigns played an important role in this spike in transaction volume. Also Read – How to Hide WhatsApp DP from Specific Contacts
Google Pay is still one of the top performing apps in terms of UPI transactions. The app recorded a total of 200 crores in transactions in June 2022. However, the transaction volume was 3,55,137.20 crores. Also Read – Google Removes Over 4,000,000 Pieces of Bad Content in India in May: Here Are the Details
PhonePe recorded even more transaction volume of over 273 crores. The transaction value is also quite high at Rs 5,01,474.48 crore.
Although WhatsApp’s current reach may seem modest compared to industry leaders. The instant messaging app has a massive user base in India and it could see further progress in the coming months. WhatsApp recently won NPCI approval to expand its user base to 100 million. Previously, it was limited to 40 million only. We can expect WhatsApp to overtake GPay and PhonePe due to its wide reach.
Payment functionality on WhatsApp is powered by BHIM UPI and processed by payment partners in India. In order to use the payment option, the user will need to link their bank account once to send and receive money on WhatsApp from anyone using UPI based apps.
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