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

April 27, 2022 | FinTech, News
https://dailyalts.com/wp-content/uploads/2022/04/whatsapp-gac46801d3_640.jpg

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/05/Flowcarbon-grab-merged.jpg
Venture Capital/ESG: Adam Neumann Co-Founded Flowcarbon Raises $70M Via VC Funding And Token Sale

Flowcarbon, co-founded by Adam Neumann, known for WeWork, is a climate technology company seeking to formalize the market for carbon offsets on the blockchain. The startup announced Tuesday its $70…

https://dailyalts.com/wp-content/uploads/2022/05/Artists_impression_of_dust_formation_around_a_supernova_explosion-overlay.jpg
Digital Assets: The Terra (LUNA) Implosion – Sidelights
May 25, 2022     Digital Assets, Latest News, News

One hapless investor lost about 3 billion won ($2.4 million) in the LUNA and UST implosion earlier this month. A Korean social media personality going by the name of “Chancers”…

https://dailyalts.com/wp-content/uploads/2022/05/earthquake-g49825e696_640.jpg
Artificial Intelligence: AI Could Bring Us Fresh Insight Into Earthquakes
May 25, 2022     Artificial Intelligence, News

Scientists have long held the view that earthquakes are impossible to predict, being random events. But the potential for damage these natural events have, including the loss of life, have…

https://dailyalts.com/wp-content/uploads/2022/05/Africa-Blockchain-Report-Grab.jpg
Digital Assets: Swiss Venture Firm CV VC Launches African Blockchain Early-Stage Fund; Issues African Blockchain Report
May 24, 2022     Digital Assets, News, Venture Capital

CV VC announced Monday at Davos the launch of its African Blockchain Early-Stage Fund to bring the advantages of the blockchain and its own expertise to enable Africa to transact…