“Cashback is great to turbocharge early. We played it for a year, but structurally it did nothing for us. We found that if people want to pay a bill and if they liked
the experience, they will come.”
India last experienced such a burst during defining moments such as Independence or the reforms of the 90s. With enormously influential firms, they are truly the Tatas and the Bajajs of the 2000s.
The instant real-time payment system reports a threefold jump in volume and value over the last fiscal as customers opt for its convenience amid the pandemic.
Facebook’s WhatsApp Pay is the latest player to enter India’s payments space, which already has Alphabet’s Google Pay, Walmart’s PhonePe, Amazon Pay, and Alibaba-backed Paytm.
Udaan has temporarily paused settlements to YES Bank accounts; Razorpay, which also partners with YES Bank, said its payment gateway services are unaffected.
Walmart-backed digital payments platform PhonePe aims to turn profitable soon by leveraging its network of retail customers and merchants to offer a range of products and services.
Paytm got its $10 billion valuation peddling payments as a business, while WhatsApp’s payments feature will be anything but a business. They surely make for good rivals.
