WhatsApp is planning to offer cashback and rewards on every transaction made via its Payment app. The instant messaging app aims to attract more customers into using the payments platform to compete with its rival payments app, such as Google Pay, PhonePe and BHIM UPI. WhatsApp introduced online payments on its platform in 2020, however, the service was limited to 20 million users owing to a 30% cap placed by National Payment Corp. of India (NPCI). But it was increased to 40 million users in November 2021. Now with WhatsApp Payment cashback offer, the instant messaging app aims to get more users to its payments service.
As per the reports shared by Reuters, WhatsApp will be giving Rs. 11 cashback every time users send money to their WhatsApp contacts. A similar incentive is being tested for merchant payments. The cashback will be given in three phases i.e, users will get Rs. 11 to up to three times if they send or receive money via the portal. Though there is no minimum transaction amount limit, for multiple rewards users will have to transact with at least three different users. The app is also planning to test cashback for payments at highway tolls and on utility bills.
On WhatsApp Pay, users can send money to their contacts directly from the chat window.
Do note that, there won’t be any minimum limit on the amount of money to get this cashback from WhatsApp. Users can even avail the cashback on sending as little as Re. 1 to other users on WhatsApp Pay.
Though the cashback amount is not that big, it would still lure many users to switch to WhatsApp Payments for making payments. Neil Shah, vice president of research at Counterpoint Research, told Mint that it would be a "compelling enough" reason for users to switch. He is quoted as saying, "You won't leave money on the table as an Indian.”
The app further told Reuters that 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 WhatsApp."
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