by INTRODUCTION
Amazon Pay is currently exploring the possibility of providing credit services through the Unified Payments Interface (UPI) to its customers. The company is collaborating with the National Payments Corporation of India (NPCI) to make this initiative a reality.
Amazon Pay India’s whole-time director Vikas Bansal stated that
“One of our stated objectives is to innovate in partnership with NPCI. Credit on UPI is one large initiative. So, we are very actively looking at that to see how we continue to enhance customer experience and value proposition,”
DETAILED
Amazon Pay UPI is utilized by over 100 million customers for a range of transactions such as shopping, bill payments, online merchant payments, and sending money to contacts. Additionally, Amazon provides the convenient feature of Amazon Pay Later, enabling customers to avail instant credit and buy products on the Amazon marketplace through monthly instalments.
HIGHLIGHTS
- At the Global Fintech Fest held in Mumbai, the National Payments Corporation of India (NPCI) announced the addition of a credit feature on UPI in September of this year.
- Amazon Finance India has collaborated with financial platforms Axio, IDFC FIRST Bank, and Karur Vysya Bank to provide the Buy Now Pay Later service. With 9 million customer sign-ups, Amazon Pay Later has become a popular choice among users. The platform boasts an impressive payment success rate of 99.9%, ensuring a seamless and convenient shopping experience for customers.
- Amazon Pay received a payment aggregator license from the Reserve Bank of India (RBI) in February. Before that, the company had already been approved for a prepaid payment instrument license by the regulatory body.
- As per the notification, it is required that cards are to be distributed on various networks, and issuers are obligated to provide their customers with the opportunity to select one from the available options.
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