WhatsApp, RazorpayX Partner for Seamless Cashback Transactions via UPI

1 week ago 7

Payments connected Whatsapp launched a cashback run for users crossed the country. RazorpayX, the neo-banking limb of Razorpay, has been onboarded arsenic the exertion spouse of Payments connected WhatsApp to alteration a creaseless cashback acquisition via UPI for its users crossed the country. Users utilizing UPI to marque payments connected WhatsApp person cashback and arsenic portion of the partnership, RazorpayX, the outgo level helps guarantee minimal chances of failures and pending transactions.

Today, UPI (Unified Payments Interface) has go the undisputed payments champion among different outgo modes successful India. UPI crossed the $1 trillion (Rs. 78.35 lakh crore) people successful transaction values for FY 2021-22 aft the payments strategy crossed 5 cardinal transactions successful a period for the archetypal clip successful March 2022.

Within 5 years of the motorboat of UPI, today, implicit 50 percent of retail payments successful India are routed done UPI, acknowledgment to the caller wont of accessing instant UPI payments acceptable successful by the pandemic, the rising adoption of smartphones, and owed initiatives from the Government. This important UPI adoption indicates a beardown ever-growing request for a hassle-free outgo process for end-users. The RazorpayX - Payments connected WhatsApp concern aims to supply that seamless and reliable cashback acquisition to end-users.

Harshil Mathur, Co-founder and CEO of Razorpay, said, "With India's penchant towards instant integer modes of payments increasing exponentially, Payments connected WhatsApp volition play a cardinal relation successful fiscal inclusion for its 500 cardinal users. We are excited to powerfulness the archetypal cashback effort connected Payments connected WhatsApp arsenic they embark connected this journey. At Razorpay, we are committed to enhancing the existing outgo process and simplifying it further to connection convenience, instant gratification, and easiness to consumers."

Manesh Mahatme, Director - Payments, WhatsApp India, said, "WhatsApp is often the archetypal integer gateway for Indians, particularly those successful agrarian and semi-urban areas and done payments connected WhatsApp our extremity is to grow fiscal inclusion to those who request it the most. Offering safe, unafraid and easy-to-use integer payments is an important portion of scaling India's integer economy, and we'll proceed to thrust consciousness of payments connected WhatsApp arsenic portion of our broader efforts to bring the adjacent 500 cardinal Indians onto the integer payments ecosystem."

RazorpayX presently serves implicit 30,000 businesses and successful the past twelvemonth has processed UPI transactions to implicit 20 percent of each UPI registered users successful India. The neo-banking level has seen implicit 200 percent maturation successful its Payouts business. RazorpayX Payouts helps businesses to determination wealth astatine standard crossed customers, vendors, suppliers, and partners via API-enabled banking. The level has disbursed payouts with an annualized wealth question of implicit $30 billion (Rs. 2.35 lakh crore). In summation to Payouts, RazorpayX has witnessed akin maturation crossed its different products specified arsenic Vendor Payments, Tax Payments, Payroll, Payout Links, and Corporate Credit Cards.

RazorpayX is the starring new-age concern business level from Fintech elephantine Razorpay. Built connected apical of a existent relationship (from India's starring banks), RazorpayX is designed to automate and simplify repetitive and time-consuming fiscal tasks. From facilitating day-to-day payments, accounting and reconciliation, to helping businesses get collateral-free loans, automate the payroll process, and adhere to the latest taxation compliance standards, RazorpayX provides businesses and entrepreneurs with a future-forward solution. RazorpayX existent relationship is powered by RBL and ICICI Banks. RazorpayX has implicit 30,000 businesses connected its platform.

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