WhatsApp is more than determined to multitask both as a messaging platform and a payment tool. After launching its payment feature (WhatsApp Pay), insiders reveal an ongoing update to add a cashback functionality to it. Leaks from WABetaInfo show this project is still in its infant stages, and not yet accessible even to beta users.
Other sources also show WhatsApp’s new update will include more than a cashback feature–the messaging app also plans to add group icon editing capabilities, among other improvements.
WhatsApp and Payments: What Do We Know?
WhatsApp began its payment journey in Feb 2018 when it rolled out Whatsapp Pay in India, in a pilot study. WhatsApp Pay allows a user to initiate UPI payments to anyone on their contact list once they enable the feature.
Nevertheless, adoption rates remain low for this payment feature given the number of Whatsapp users in India. This lends credence to the idea that this cashback campaign is a strategy to attract more users to Whatsapp Pay.
Is venturing into Payments the Right Move for WhatsApp?
Yes, it might be. With WhatsApp Business Directory yet to come, perhaps investing in payments isn’t a bad idea altogether. In essence, it may serve as a driving force.
In the near future, these functionalities will allow customers to pay business owners on WhatsApp’s directory, while encouraging sales through impressive cashback offers, much like Paytm does.
And with ecommerce growing exponentially, we look forward to an array of business-oriented and user-relevant updates.
Other Whatsapp Updates On the Way
Apart from the Cashback function, WhatsApp has lined other updates on the way, including:
- A group icon editing feature to customize your group’s icon as you wish
- A privacy feature to share your ‘last seen’ with specific contacts
- Selective message reporting for users who’d like to report specific chats
Furthermore, this new version will be available for iOS and Android systems.
WhatsApp has been a major player in the communication industry since its launch in 2009. So far, it has grown to encompass more than one billion users across the globe. While this is impressive from a numerical standpoint, it’s also made WhatsApp one of Facebook’s largest acquisitions at an estimated $19 billion USD. Hopefully, venturing into payments will bring more business for the already popular messaging platform.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come through groundbreaking solutions like Pinwheel Pay.