WhatsApp Pay, a tool within the WhatsApp mobile application for users to send money to each other via the UPI platform, recorded significant growth in transaction volume and amount transacted in June 2022. Since the beginning of the year, the growth of WhatsApp in the UPI space has been negligible. The growth curve was mostly flat for both the volume of transactions as well as the amount traded. But in June 2022, due to the cashbacks, Indians were incentivized to use the platform more, which led to the growth of WhatsApp in the country. Here’s all you need to know.
WhatsApp Pay performance statistics for June 2022
WhatsApp Pay recorded a total of 34.8 transactions in May 2022, totaling Rs 294.98 crore. But in June 2022, this has grown to a total of 2.30 crore in transactions and Rs 429.06 crore in total traded amount.
Growth is very 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 over Rs 200 crore transactions in June 2022, with a total amount traded of Rs 3,55,137.20 crore.
PhonePe in the same month saw Rs 273.2 crore with a total transacted value of Rs 5,01,474.48 crore.
WhatsApp still has a long way to go, and competition in the market is increasing. PhonePe and Google Pay both have the advantage of early movers in India. There are many fintech startups offering incentives to consumers to use their apps for UPI transactions. WhatsApp is not a small player. With the support of Meta, the company can aggressively motivate consumers for a long time to get them used to WhatsApp Pay. This is what Google Pay and PhonePe have done as well. It will be interesting to see the stats for the coming months.