Amazon Pay has enabled peer-to-peer transactions on its platform through Unified Payments Interface (UPI).
Amazon went live on UPI with Axis Bank in February 2019.
“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,” Vikas Bansal, director for Amazon Pay, India, told Economic Times.
Unified Payments Interface is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.
“Now with bank transfers, we are bringing in more features. One can transfer through the virtual ID, through bank account details as well. We will store the recently-done transactions which will make it easier for the user to make recurring payments.”
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, ET quoted Bansal as saying.
“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% 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.