After overcoming several hurdles, finally, in last November, WhatsApp launched WhatsApp Pay. Within the very first month, the feature received 0.31 million customer initiated transactions. With respect to time, the figures grew rapidly to 0.81 million in December but did not last long. According to NPCI’s latest statistics, WhatsApp Pay witnessed a decline in usage and stood at 0.56 million transactions in January 2021.

As far as statistics are concerned, it is clear that WhatsApp Pay has not received as much mass adoption from users as the Facebook owned company initially had hoped. However, the overall value of customer initiated transactions was on the rise. The value stood at 13.87 crores in November. In December, it increased to 29.72 crores and in January, it increased to 36.44 crores.

WhatsApp Pay transaction volume decreased but transaction value increased in January 2021
WhatsApp Pay transaction volume decreased but transaction value increased in January 2021

It is worth mention that one key factor that declined WhatsApp pay transactions is WhatsApp’s controversial privacy policy update. The privacy policy update led users to switch to privacy friendly secure messaging platforms like Telegram and Signal. Another big reason could be competition from leading UPI apps like Google Pay, PhonePe, and Paytm.

As far as transaction volume is concerned, in India, the top UPI app as of January is PhonePe. PhonePe is followed closely by Google Pay. In January, PhonePe processed 968.72 million transactions while Google Pay handled 853.53 million transactions. Google Play is followed by Paytm, Axis Bank, and Amazon Pay respectively with transaction volumes of 332.69 million, 71.96 million, and 46.30 million respectively.

Key: WhatsApp

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