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The move comes days after WhatsApp won regulatory approval to more than double it's payments user base
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WhatsApp will before the end of May launch cashback offers of up to INR 33 for transfers users make on its payments service, which allows contacts to send each other funds from within the messenger application.
“We are running a campaign offering cashback incentives in a phased manner to our users as a way to unlock the potential of payments on WhatsApp" , said a WhatsApp spokesperson.
The company is also testing similar incentives for merchant payments, as it seeks to compete with rivals in India that include Alphabet Inc's Google Pay, Ant Group-backed PayTM and Walmart's PhonePe.
Recently, WhatsApp won a regulatory approval to more than double its payments offering to 100 million users in its biggest market, India. The country accounts for more than half a billion users
In June 2021, the messaging platform, conducted an internal study to assess competition in India. The study says, "incentives are among the top sign up reasons for our competitor apps in India."
The incentive, spread over three transactions of INR 11 each will be offered irrespective of the amount being transferred, in what is being perceived as a user acquisition strategy devised to boost awareness and registrations on the messaging application's payments service.
"Offering safe, secure and easy-to-use digital payments is an important part of scaling India’s digital economy, and we’ll continue to drive awareness of payments on WhatsApp as part of our broader efforts to bring the next 500 million Indians onto the digital payments ecosystem.”, WhatsApp spokesperson added.