Yellow Messenger's Payments Using WhatsApp

Last September, UPI surpassed Cards to become the #1 contributor to digital payments in India - Razorpay data

Overview

UPI Payments continue to grow, as it reported 1497.36 million transactions only in July 2020(NPCI website). Preference of UPI for payment is because of various reasons – ranging from various brilliant initiatives by the government in promoting cashless economy, to ease of use of the UPI Apps and the ruthless cash-back and rewards programs by these apps.
The total number of transactions in 2019 was around 1.9 times higher than the previous year’s 3,708 million transactions. The amount transacted increased by 217% to Rs.18,36,638 crores annually, 2 times higher than in 2018. (Medianama)
From a global comparison perspective, it is shown that the highest cumulated transaction value is reached in China (US $1,920,536m in 2020). (Statista)
Total transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 19.5% resulting in a projected total amount of US $141,256M by 2024. (Statista)
In the Mobile POS Payments segment, the number of users is expected to amount to 359.6m by 2024. (Statista)

Why is UPI the preferred choice for customers?

Ease of Use

The UX is very simple – Most of the UPI has only 2 basic components – People / Business. Either I pay them, or request money from them. Seeing my contacts over there lets me eliminate ‘bank account’ from the picture.
High Quality Apps which enable UPI

Customers and Merchants will enjoy the rich features and great UI, as long as there is a deadlock of fight between major players in the industry like GPay, PhonePe and PayTM. This is in addition to the attractive rewards it offers.
Single app for all the bank accounts

As UPI apps let you connect with multiple bank accounts into a single app, it makes easier to see all transactions at a single place. This has helped me a lot, without having to navigate through the bank statements.
Seamless onboarding of accounts

One of the biggest wins of UPI is how easily it lets you link a bank account. Very simple and straightforward. You just need to choose the bank, then the account which is linked to your mobile number, and enter debit card details.
Seamless payment and fund transfer process

Its as simple as ‘I pay you’ rather than ‘I add you as a beneficiary, with your Bank IFS, MICR, Account number, and Account number(again) and pay after 30 mins’
Don’t have to reveal identity

People don’t have to reveal the identity like name or mobile number while transferring money or requesting payment. Only the Virtual Address needs to be shared.

What’s new? – UPI enabled payments on WhatsApp.

Yes. We, at Yellow Messenger help you enable payments for your WhatsApp business account(and other conversational channels) along with our lovely friends from Setu.

Get a Whatsapp business api demo of our services to watch this in action!

Talk to Billy to schedule a call or drop us a mail at [email protected]

The process is very simple:

Step 1: Register Merchant-KYC and align on the settlement process with Setu

Step 2: Generate on-demand payment links

Step 3: Send to customers and receive payments

Step 4: Amount is settled T+

With a Conversational AI Assistant from Yellow Messenger, create simple workflows and make your payment process hassle-free and effective:

Automated Collection Process

Step 1: Let the bot send payment reminders with payment link to customers on WhatsApp chatbot

Step 2: Customer clicks on the link and pays

Step 3: Amount is settled T+2

Automated Sales

Step 1: Show list of products in WhatsApp chatbot

Step 2: Customer chooses a product

Step 3: Bot generates payment link & sends

Step 4: Customer clicks on the link and pays

Step 5: Order is confirmed.

Recover Abandoned Carts

Step 1: Show list of products in WhatsApp chatbot.

Step 2: Customer chooses a product.

Step 3: Bot generates payment link & sends.

Step 4: Customer clicks on the link and pays.

Step 5: Order is confirmed.

Some major reasons customers abandon their carts include:

1. Complex checkout process

2. Customer forgets to checkout or gets distracted during checkout

3. Website or Network issues

4. Hunting for better deals.

Our Whatsapp chatbots can help the brands recover abandoned carts by sending personalised reminders and activation communications. The personalisation can be based on the product, persona or the season. WhatsApp being nearest channel to a customer, the open rates are quite high compared to the emails and SMS.

UPI Payments on Whatsapp – game changer?

Combines the power of WhatsApp & UPI: We all know how effective WhatsApp business api is and how user-friendly UPI is. This combination brings huge efficiency into the payment process.

Define your own Settlement Process: It’s your business, It’s your rules. We have a fairly lenient settlement process which can suit your business needs.

Settle Multi-party: Collect from customer and settle with multi parties – brand & franchisee, brand & distributor, brand & retailer, etc. Settlement doesn’t have to be complex.

Proactive Notifications: Proactive notifications can be sent to do the collection. Our bots know the best on when to schedule these.

No Compliance Risk: Storing Virtual Address does not need PCI compliance like storing card details.

Where WhatsApp payments can this be used?

Collections – Push

Financial Services – EMI, Part Payment
Insurance – Premium
Utilities – Bills
Services – Subscription
Abandoned Cart recovery

Payments – Pull

Ecommerce / Social Commerce Payments
Local Commerce Payments
Digital POS
In-app Purchases
COD Alternative

UPI payments has been sneaking into Tier 2 & 3 cities in the disguise of COD. People who choose COD as a payment option end up paying with UPI upon delivery, and which is bringing in the concept of 'Pay with UPI on delivery' - Solves trust issues, touch issues and change issues!

Get your demo, today. Talk to Billy or drop us a mail at [email protected]