Deployed in India with high expectations, WhatsApp Pay did not ignite the Ganges. These are certainly in the early stages, but were deployed in India on November 6th. By the end of November 30, we had processed 310,000 transactions.
Given the WhatsApp user base, this number is clearly small. Of course, WhatsApp Pay is limited to 20 million users. However, 310,000 transactions seem to be too few. Especially considering what well-established competitors achieved in the same month.
In addition, the deal was worth 13 rupees.
In November, UPI processed a total of Rs 2.2 billion worth of transactions. UPI (Unified Payments Interface) is the leading payment platform of the National Payments Corporation of India (NPCI).
However, WhatsApp Pay is expected to improve the show in the coming months.
Google Pay is at the top of the chart
Google Pay was the most used UPI application in November, driving 960 million transactions worth Rs 161,000 with a market share of over 43%. Its main competitor was Wal-Mart’s PhonePe, which had 868 million transactions worth Rs 175,000.
Paytm and Amazon Pay processed 260 million and 37 million payments, respectively.
NPCI’s BHIM application was the fifth-used payment app, recording 23 million transactions worth Rs 7,427 a month.
However, when it comes to the total amount of transactions at UPI, PhonePe is the leader, with transactions near Rs. 1.75 in November, and Google Pay registered transactions equivalent to Rs 1.61 on that platform.
Among them, Google Pay and PhonePe have won 82% of the total volume of the NPCI retail payment platform.
Gates praises India’s digital payment platform
However, according to the new NPCI guidelines, both PhonePe and Google Pay will need to reduce their market share to less than 30% by the end of 2021. In other cases, these restrictions will start in January.
The 30% cap is calculated based on the total amount of transactions processed by UPI in the last 3 months. The reason for the 30% cap is to “take risks and protect them as the UPI ecosystem scales up further.”
Google Pay and PhonePe say the cap violates UPI’s “free market” principle.
Google, Facebook and Amazon are also keen to partner with Indian companies to create NPCI rivals.
As it happens, elsewhere, Bill Gates praises India for its digital payments policy. Gates said at the Singapore FinTech Festival yesterday that India has built an ambitious platform for digital payments, including a system for sending rupees between banks and smartphone apps.
Gates said such advances in financial innovation have dramatically reduced the cost and friction of distributing aid to the poor, especially during the Covid-19 pandemic.
WhatsApp rewards a very late start of the first month in India
Source link WhatsApp rewards a very late start of the first month in India