WhatsApp Payments is making headways in the UPI payment world. The instant messaging platform has witnessed a spike in transactions in June 2022. National Payments Corporation of India (NPCI) has released the latest transaction volume data for the month of June. While other prominent players in the industry like Google Pay and PhonePe have retained their ranks in terms of transaction volume and transaction value, WhatsApp has shown some promising developments. Also Read - How to change UPI Pin using PhonePe: Step-by-Step guide
According to the data revealed by NPCI, WhatsApp Payments registered a total of 23.04 million transactions (2.3 crore) and the volume is at 429.06 crore. While the instant messaging platform has witnessed growth in June 2022, the spike can be partially attributed to the various cashback offers by the instant messaging application. The relatively low transaction value can be a strong indicator that WhatsApp campaigns played an important role in this spike of transaction volume. Also Read - WhatsApp hacks: How to transfer chat history from Android to iOS
Google Pay is still one of the most successful apps in terms of UPI transactions. The app registered a total of 200 crore transactions in June 2022. However, the transaction volume was a hefty 3,55,137.20 crore. Also Read - WhatsApp rolls chat migration from Android to iOS and vice versa to all users
PhonePe registered even more transaction volume of over 273 crore. The transaction value is also pretty high at Rs 5,01,474.48 crore.
While WhatsApp’s current reach may seem to be puny when compared to the industry leaders. The instant messaging application has a massive userbase in India and it may witness further progress in the coming months. WhatsApp recently got approval from NPCI to expand its user base to 100 million. Earlier it was limited to 40 million only. We can expect WhatsApp to catch up to GPay and PhonePe owing to its wide reach.
The payments feature 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 who uses UPI-based apps.