Categories: Articles

Razorpay Launches In-app Payments for WhatsApp Business Platform; PolicyBazaar, boAt Amongst Early Adopters

  • Businesses using the WhatsApp Business Platform (API) will now be able to offer their customers a seamless payment experience, resulting in increased sales conversions

  • This innovation-driven partnership brings the power of conversational commerce to India, opening up new revenue channels for businesses

Staying true to its commitment to enabling small businesses to unlock newer levels of growth, Razorpay, India’s Leading Full-Stack Payments, and Business Banking Platform announced its strategic partnership with WhatsApp, the Meta-owned messaging application. With an increasing number of businesses adopting WhatsApp for conversational use cases, this offering will enable businesses to finalize sales directly within WhatsApp chats, allowing customers to make payments within the app and thus minimizing the challenges of the checkout process. This partnership underscores the growing significance of digital commerce, leveraging WhatsApp’s massive scale to forge a new era of streamlined transactions.

Razorpay partners with WhatsApp, enabling small businesses to unlock newer levels of growth

PolicyBazaar, an insurance aggregator, and boAt, a D2C electronics & wearables company, are the early adopters of this innovation, with various other e-commerce, D2C, and utility industry businesses also expected to go live in the coming days.

By 2025, India is anticipated to welcome 80 million new online shoppers into its continually expanding E-commerce landscape. As a result, merchants and retailers are understandably anticipating a more robust infrastructure. Currently, the ordeal of visiting multiple websites, or hoping on other payment apps is what poses to be one of the major roadblocks for businesses and their customers from making instantaneous purchases.

Addressing the above challenges, through the integration of Razorpay and WhatsApp accounts, businesses will be able to offer customers not just a seamless in-app payment experience but also be able to address issues like cart abandonment, bill payments, and ticket purchases. This solution will empower businesses to seamlessly convert conversations into sales opportunities. It will also provide customers with instant payment confirmations, the convenience of order tracking, and facilitate re-engagement with businesses they’ve recently transacted with. Both hassle-free and integrated in the truest sense, it will help merchants to significantly scale their businesses and curate an elevated journey for end-users.

Rahul Kothari, Chief Business Officer, Razorpay said, “Today, with Indias vast WhatsApp user base of 400 million, we see a tremendous opportunity to bolster the commerce landscape for merchants. By integrating WhatsApp with our robust, tech-first payments platform, we aim to extend an unprecedented opportunity for merchants to expand their revenue streams and reach a broader customer base through WhatsApp. We expect that this collaboration will lead to new unexplored business opportunities in commerce flowing through WhatsApp in the near future. I believe every business should take advantage of this opportunity.”

Ravi Garg, Director, Business Messaging, Meta in India said, “Offering a simple and secure payment experience to people and businesses across India will be a game-changer for how business gets done on WhatsApp. Now, millions of people can easily make a purchase from their favorite businesses that will help these businesses in driving more sales.”

Aman Gupta, Co-Founder & CMO, boAt said, “boAt has always been on the cutting-edge of innovations that give our customers convenience and simplicity. That is why we are excited to partner with Razorpay and WhatsApp to build out conversational commerce experiences to reach new customers and engage existing ones.”

Once integrated, businesses will be able to offer their customers access to a comprehensive range of Razorpay’s suite of offerings within the WhatsApp platform. This includes a wide array of payment options such as UPI, cards, net banking, EMI, pay later, and international payments, all available conveniently in one place. This thought-through move is poised to bring about a revolutionary change in India’s E-commerce sector, while widely expanding revenue channels for businesses.

About Razorpay

Razorpay, a full-stack financial services company helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 10 Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar, and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have invested a total of $741.5 Mn through Series A to F in funding. A few angel investors have also invested in Razorpay’s mission to simplify payments and business banking and redefine how finance works in India.

Paras

Recent Posts

The Arya Vaidya Pharmacy (Coimbatore) Ltd. Strengthens Legacy with New Initiatives and Expanded Product Portfolio

The Arya Vaidya Pharmacy (Coimbatore) Ltd. (AVP), a pioneer in Ayurvedic healthcare with over 120…

5 hours ago

Rajasthan Gears Up for the Rising Rajasthan Global Investment Summit 2024 with Focus on Sectoral Transformation

The state of Rajasthan is set to host the much-awaited Rising Rajasthan Global Investment Summit…

5 hours ago

Esaote Group Expands Production in India

Esaote Group, a leading Italian innovator in medical imaging - ultrasound, dedicated magnetic resonance imaging…

5 hours ago

MyHealthcare Appoints Diwakar Bhowmik as Co-founder and Chief Operating Officer

MyHealthcare, a leading health tech company revolutionising patient care with its innovative digital healthcare solutions,…

6 hours ago

#MoveYourWay with Vicky Kaushal; Campus Unveils New Brand Campaign Celebrating the Spirit of Individuality and Authenticity

Campus Activewear Ltd., one of India's leading Sports and Athleisure footwear brands, today unveiled its…

6 hours ago

Salesforce Delivers Accelerated Growth and Expands Presence in India

Salesforce India records 36% increase in revenue in the year ended 31st March from the…

6 hours ago