FinTech: In India, WhatsApp To Roll Out Cashback Rewards For P2P Payments

April 27, 2022 | FinTech, News

According to a Reuters report, the WhatsApp cashback rewards could launch within a matter of weeks.

WhatsApp, which enjoys a user base of half a billion in India, is planning to offer cashback rewards on its peer-to-peer payments service in a bid to close the gap with rivals such as Google Pay. Insiders privy to information told Reuters that the app will offer up to 33 Indian rupees ($0.40) for transfers users make on its payments service, which allows contacts to send each other funds. (Reuters)

WhatsApp was recently approved by Indian payments regulators to double its payments service to 100 million users in the country. The cashback rewards are evidently a part of a “user acquisition drive,” and will be paid regardless of the amount being transferred, which could be as low as just one rupee.

In response to a query from Reuters WhatsApp said it is “running a campaign offering cashback incentives in a phased manner to our users as a way to unlock the potential of payments” on the messenger app.

According to Neil Shah, vice president of research at Counterpoint Research, the cashback amount, despite its small size, would be a compelling enough reason for users to adopt Whatsapp. “You won’t leave money on the table as an Indian,” Shah said.

In a parallel push, the messenger app is also testing a similar offering for merchants’ payments. Cashback rewards would apply on payments such as highway tolls, utility bills, and other bill payments.

Related Story: Indian Conglomerate Reliance Teams With Google, Facebook For National Payments Network

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