Fintech startup MobiKwik’s payment gateway arm Zaakpay has partnered with social media giant Meta to offer in-app payments on WhatsApp.
The new product will allow users to make payments directly within chats, while merchants can also receive the payments directly within WhatsApp.
“Zaakpay’s payment gateway, within a single chat window, enhances security for its users by centralising all transactions in one secure interface. By integrating advanced encryption protocols, Zaakpay ensures customer convenience and transaction safety,” MobiKwik said in a statement.
Available for both end-consumers and businesses, the embedded payments solution will offer users multiple payment modes, including credit cards, debit cards, UPI as well as wallet payments.
On the B2B side, the fintech startup said that the integration will allow MSMEs to reach a larger customer base through WhatsApp’s user network, especially in Tier II & III cities.
In a statement, MobiKwik claimed that the new offering will provide flexibility and convenience to users and enhance business efficiency of merchants. The new product suit will look to piggyback on the growing demand for conversational commerce and integrate payments with the main app stack.
“… By combining Zaakpay’s secure payment gateway, with WhatsApp’s vast user base, we aim to unlock immense potential in India’s hinterlands. We are forging an ecosystem where shopping, payments, and business engagement happen seamlessly in one place…,” said ZaakPay business head Harvinder Singh Chadha.
Commenting on the collaboration, Meta India’s director of business messaging Ravi Garg added, “… This integration with 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”.
This comes nearly a year after MobiKwik-owned Zaakpay received in-principle authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA). The licence opened the doors for the company to offer payment aggregation services and onboard new merchants.
Founded in 2009 by Bipin Preet Singh and Taku, IPO-bound MobiKwik offers a suite of financial products for both consumers and merchants, including payments, digital credit and investments. It turned unicorn in October 2021 after a secondary sale of its employee stock options pushed its valuation north of the $1 Bn mark.
The Delhi NCR-based company turned profitable in the financial year 2023-24 (FY24) and reported a net profit of INR 14.1 Cr compared to a net loss of INR 83.19 Cr in the previous fiscal year. Meanwhile, revenue from operations jumped 62% to INR 875 Cr during the fiscal ended March 2024 from 539.5 Cr in FY23.
The fintech startup refiled its draft red herring prospectus earlier this year to raise INR 700 Cr via its initial public offering (IPO), which will only comprise a fresh issuance of shares without any offer-for-sale component.
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