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Amazon P2P pay rides on United Payments Interface

With peer-to-peer payments, company plans to offer entire suite of products to its UPI users.

, ET Bureau|
Apr 29, 2019, 08.26 AM IST
amazon pay - others
Amazon further claims to have a 2 to 3 percentage points higher payment success rate than industry standards.
BENGALURU: Amazon Pay, the digital payments arm of ecommerce major Amazon, is now foraying into peer-to-peer transactions through Unified Payments Interface, the real-time inter-bank settlement mechanism.

Amazon went live on UPI with Axis Bank in February this year. Now with peer-to-peer payments, the company intends to offer the entire suite of payment products to its UPI users.

ET had first reported in its January 9 edition that Amazon had started testing its UPI-based payment solution, after it got stuck last year due to data localisation mandate from the central bank. Now, having adhered to all the regulatory requirements, Amazon Pay wants to go full throttle into consumer payments.


“We have a highly engaged set of consumers on the Amazon application. Since our payment products are embedded within the existing app, it can help rapid scale of adoption,” said Vikas Bansal, director for Amazon Pay, India.

He further said that besides using Amazon Pay for online shopping, consumers are using it for bill payments, recharges, scan and pay for offline transactions as well. More than 80% of the transactions are originating from beyond the tier-one cities in India, he said.

“Now with bank transfers, we are bringing in more features. One can transfer through the virtual ID, through bank account details as well,” Bansal said. “We will store the recently-done transactions which will make it easier for the user to make recurring payments.”

Amazon further claims to have a 2 to 3 percentage points higher payment success rate than industry standards.

“We will be improving and strengthening our bank and NPCI integrations further to aim for a 100% success rate,” he said.

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