WhatsApp Pay, a tool inside WhatsApp mobile application for the users to send money to each other via UPI’s platform, has registered a big growth in the volume of transactions and the amount transacted in June 2022. Since the start of the year, WhatsApp’s growth in the UPI space has been negligible. The growth curve was mostly flat for both the volume of transactions as well as the amount transacted. But in June 2022, due to cashbacks, Indians were incentivised to use the platform more, and it led to the growth of WhatsApp in the country. Here’s everything you should know.
WhatsApp Pay Performance Statistics for June 2022
WhatsApp Pay had registered a total of 34.8 lakh transactions in total in May 2022, and the total amount transacted was Rs 294.98 crore. But in June 2022, this grew to a total of 2.30 crore transactions and Rs 429.06 crore in total amount transacted.
The growth is quite good. However, given the fact that WhatsApp has hundreds of millions of customers in India, despite the cashback, the numbers are not even close to what PhonePe and Google Pay produce.
Google Pay saw more than 200 crore transactions in June 2022, with a total amount transacted of Rs 3,55,137.20 crore.
PhonePe in the same month saw 273.2 crore transactions with a total amount value transacted being Rs 5,01,474.48 crore.
WhatsApp still has a long way to go, and the competition in the market is just increasing. PhonePe and Google Pay had an early mover advantage in India. There are many fintech startups which are offering consumers incentives to use their apps for UPI transactions. WhatsApp is not a small player, however. Backed by Meta, the company can aggressively incentivise consumers for a long time to make them habitual to WhatsApp Pay. This is what Google Pay and PhonePe had done as well. It will be interesting to see the stats for the coming months.