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13th February 2024: Wibmo, a PayU company and a leading authority in payment security, fraud prevention, risk management solutions, and digital payments, proudly announces a strategic collaboration with Gupshup, the leading Conversation Cloud platform. As part of this alliance, Wibmo, a PayU company, leverages Gupshup’s conversational Cloud platform to provide international issuers with the capability to deliver transaction notifications via WhatsApp. This proves invaluable in areas where network issues may cause delays in SMS OTP delivery. Additionally, Indian issuers stand to benefit as they can seamlessly send OTPs via WhatsApp to international customers, presenting a cost-effective alternative to SMS, particularly for multiple transactions within a 24-hour timeframe without compromising security.
Key Highlights of the Partnership:
Reduced Dependency on Regulatory SMS Compliances: Businesses can diminish their reliance on varied regulatory SMS compliances across different countries related to telecom, mitigating the impact on customers caused by time-to-time regulatory changes.
Cost Reduction for Repeated Transactions: Issuers can significantly cut costs for repeated transactions within a day, enhancing operational efficiency and financial savings.
Improved OTP Delivery Success Rate: The collaboration ensures an enhanced OTP delivery success rate compared to traditional SMS OTP, boosting overall transaction security and reducing business drop.
Benefits of the WhatsApp Channel:
Higher Trust Factor: WhatsApp’s verification process guarantees the credibility of messages, providing recipients with a higher level of trust compared to traditional SMS.
End-to-End Encryption: WhatsApp OTP messages boast end-to-end encryption, ensuring that only the intended recipient can access the message, eliminating any risk of interception.
Better Delivery Success Rates: WhatsApp’s near 100% delivery rates, even in poor cellular signal coverage areas, ensure messages reach their intended recipients without disruptions.
By combining Gupshup’s robust conversational Cloud platform with Wibmo’s advanced fraud prevention capabilities, businesses can usher in a new era of secure, and cost-effective digital transactions. This partnership opens up avenues for brands to enhance customer satisfaction through secure and faster payments ultimately redefining the landscape of digital payments.
“We are excited to partner with an industry innovator like Wibmo to bring secure payment authentication directly into a channel that billions of people use daily: WhatsApp,” said Beerud Sheth, CEO and Co-founder of Gupshup. “Our mission is to enable world-class customer experiences by making conversational engagement possible at scale. With our API platform and deep WhatsApp integration, this partnership will allow Wibmo to leverage WhatsApp’s ease, familiarity, and trust to improve the user experience for financial transactions.”
“We are happy to announce our strategic partnership with Gupshup, a move that unites our cutting-edge technologies to forge a distinctive offering for businesses,” expressed Suresh Rajagopalan, Chief Executive Officer of Wibmo, a PayU company. “In joining forces with Gupshup, we aim to empower businesses to provide not only seamless but also secure and faster payment experiences. This collaboration underlines our commitment to delivering innovative solutions that transcend the conventional boundaries of customer engagement and transaction security.”
