Amazon Pay to enter peer-to-peer payment segment with UPI
BusinessToday.In April 29, 2019
The digital arm of ecommerce giant Amazon, Amazon Pay is entering the P2P space through Unified Payments Interface (UPI). Amazon that rolled out UPI with Axis Bank in February intends to offer the entire suite of payment products to its UPI users with its peer-to-peer payments.
Vikas Bansal, director for Amazon Pay, India said that since their payment products are embedded within the existing app, it can help in rapidly scaling adoption. He also said that consumers use Amazon Pay not only to shop online but to do a great deal of other things such as bill payments, recharges, scan and pay for offline transactions.
Bansal also said that more than 80 per cent of these transactions are originating from beyond tier-one cities in India.
He added that they are bringing in more features through bank transfers. "One can transfer through the virtual ID, through bank account details as well," said Bansal, as mentioned in a report in The Economic Times. "We will store the recently-done transactions which will make it easier for the user to make recurring payments," he added.
According to the daily, Amazon claims to have 2 to 3 percentage points higher payment success rate than industry standards. Bansal further added that Amazon will be improving and strengthening their bank and NPCI integrations to aim for a 100% success rate.
Amazon Pay's consumer payments had earlier got stuck due to data localisation mandate from the central bank. After adhering to all the regulatory requirements Amazon Pay is finally stepping into consumer payments.