WhatsApp Payments is fast moving forward in the world of UPI payments. The instant messaging platform has seen a surge 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 major players in the industry like Google Pay and PhonePe have maintained their ranks in terms of transaction volume and transaction value, WhatsApp has shown some promising developments.
As per the data reported by NPCI, WhatsApp Payments recorded a total of 23.04 million transactions (23 crores) and the volume is 429.06 crores. While the instant messaging platform has seen growth in June 2022, the spike can be partly attributed to various cashback offers by the instant messaging application. The relatively low transaction value could be a strong indicator that WhatsApp campaigns played a significant role in this spike in transaction volume.
Google Pay is still one of the most successful apps in terms of UPI transactions. The app recorded a total of 200 crore transactions in June 2022. However, the transaction volume stood at 3,55,137.20 crores.
PhonePe recorded a transaction volume of over 273 crores. The transaction value is also quite high at Rs 5,01,474.48 crore.
While the current reach of WhatsApp may seem very low compared to the industry leaders. The instant messaging application has a massive user base in India and may see further progress in the coming months. WhatsApp recently got approval from NPCI to increase its user base to 100 million. Earlier it was limited to 40 million only. We can expect WhatsApp to reach GPay and PhonePe due to its wide reach.
The payment facility on WhatsApp is powered by BHIM UPI and is processed by payment partners in India. To use the payment option, the user needs to link his bank account once to send and receive money on WhatsApp from anyone using the UPI-based app.
UPI transactions saw a huge increase after WhatsApp Payments, but still dwarfed by Google Pay, PhonePe first appeared on BGR India.