With the integration of Zaakpay, Mobikwik’s payment gateway division, and Meta, the company is now able to offer an embedded payment solution within WhatsApp, giving users and businesses access to a variety of payment methods such as digital wallets, credit and debit cards, and Unified Payments Interface (UPI).
Users have the option to pay with MobiKwik Wallet, ZIP, or Pocket UPI, providing flexibility to accommodate different payment preferences.
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Through this integration, micro, small, and medium-sized businesses (MSMEs) can access a wider audience by utilizing WhatsApp’s large user base, particularly in tier-II and tier-III cities. Additionally, it guarantees safe payments within WhatsApp conversations, improving client ease and corporate effectiveness.
ZaakPay, Harvinder Singh Chadha, said Through the integration of WhatsApp’s extensive user base and Zaakpay’s secure payment mechanism, we hope to unleash enormous potential in India’s rural areas. The head of business “We are creating an ecosystem where business engagement, payments, and shopping happen seamlessly in one place.”
Businesses can accept payments using a variety of methods with Zaakpay, including digital wallets, credit and debit cards, UPI, net banking, and pay later choices. The gateway’s feature set includes QR code-based payments, online checkouts, and payment links.
The statement went on to say that this collaboration with WhatsApp underscores the growing significance of digital and conversational commerce, which supports companies of all sizes by streamlining transactions and promoting financial inclusion.
After initially rejecting Zaakpay’s application with a primary cause of net worth criterion, the Reserve Bank of India (RBI) gave it in-principle clearance in 2023 to function as a payment aggregator, enabling it to onboard new merchants, as reported by ET.
MobiKwik recorded a net profit of Rs 14 crore for FY24, a significant improvement over the Rs 80.6 crore deficit recorded the year before. Its operating revenue increased from Rs 539 crore in FY23 to Rs 875 crore in FY24, a 62% annual increase.
Zaakpay is another step in building a more seamless purchase experience, allowing people to make payments using their preferred payment method for a product or service they want to buy from a business right within their WhatsApp chat,” Ravi Garg, director of Meta India.
About Meta
Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world.
About Mobikwik
MobiKwik is India’s leading digital banking platform, offering a wide range of financial products for both consumers and merchants, including payments, digital credit, and investments.
About Zaakpay
Zaakpay, payment gateway by MobiKwik, enables efficient collection and disbursement of payments. Zaakpay aims to assist online businesses whether small medium or large, with the edge to excel in a highly competitive market.
