WhatsApp's UPI transactions jump six-fold in June

12 Jul 2022 , 10:05 AM

WhatsApp has reported a six-fold increase in its Unified Payment Interface (UPI) transactions driven by the Cashback incentive adopted by the company in June 2022.

The company has logged 23.04 million transactions in June as compared to 3.48 million transactions in May 2022. While, the value of transactions registered a growth of 45% to Rs429 crore as against Rs295 crore in May 2022, as per the data released by the National Payments Corporation of India (NPCI).

With this, the company’s share of total UPI Payments increased to 0.39% in June as against 0.05% in May.

Since there is a huge jump in the number of transactions, experts believe that it could be because most of the transactions are likely to be low-value ones.

Currently, the company is offering a minimum cashback of Rs35 for three transactions for a transfer of a minimum of Rs1.

In April this year, WhatsApp received the approval for additional 60 million users for UPI for WhatsApp by the NPCI, targeting a cap of 100 million for payments.

WhatsApp is receiving approvals from NPCI in a phased manner so that the competition in the digital payment space in the country is not compromised.