Thu Sep 19 07:32:36 UTC 2024: ## MobiKwik’s Zaakpay Brings Payments to WhatsApp, Aims for 10% UPI Market Share
**Mumbai, India** – Fintech company MobiKwik’s payment gateway subsidiary Zaakpay has announced a partnership with Meta to integrate payments into WhatsApp. This allows users to purchase goods and services directly within WhatsApp chats, leveraging the popular messaging platform for transactions.
The integration supports various payment methods including credit cards, debit cards, UPI, and wallets, offering flexibility to users. Zaakpay highlights the financial inclusion aspect of this move, stating that it will enable businesses to reach customers in Tier 2 and 3 cities through the widespread use of WhatsApp.
Zaakpay, having received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator in 2023, is currently in a strong position. The company aims to capture a 10% market share in the UPI ecosystem, currently processing over 200,000 transactions daily. MobiKwik, the parent company, recently reported its first-ever profit in FY24, marking a significant turnaround.
MobiKwik is also reportedly applying to join the RBI’s digital currency pilot, aiming to offer transactions via e-rupee. This move follows the RBI’s announcement in April to include non-bank payment system operators in offering CBDC wallets.
With its strong financial performance and aggressive expansion plans, MobiKwik is poised to play a key role in the future of digital payments in India. This integration with WhatsApp is expected to further solidify its position as a leading player in the fintech space.
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