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

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

Sep 25, 2023

Bangalore (Karnataka) [India], September 25: 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. 
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 India's 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.
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 USD 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.
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