To facilitate secure payments and financial transactions on its platform, Amazon on Thursday launched “Amazon Pay Unified Payments Interface (UPI)” for Android users in partnership with Axis Bank to issue UPI IDs to its customers in India. UPI is an instant real-time payment system developed by National Payments Corporation of India processing inter-bank transactions.
With this, users would be able to use their Amazon Pay UPI ID to shop on Amazon.in, make payments for their daily purchases, including recharges and bill payments, without entering bank account or debit card credentials or going through a multi-layer process to pay from their bank account, the company said in a statement. “The launch of Amazon Pay UPI is a key milestone to help accelerate adoption of merchant payments on UPI platforms,” said Vikas Bansal, Director, Amazon Pay, India.
Every customer transaction on Amazon is secured through mobile device verification as well as with UPI pin. Customers could link their bank accounts and complete a one-time set-up process by setting up a UPI pin to make instant payments. This launch is a key step to enable Amazon customers in adopting BHIM UPI as a digital payment method, thereby helping the Indian government’s initiative of “Cashless India”, the company added.
Launched in 2007, Amazon Pay – the online payments processing service owned by Amazon – uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. This service will compete with other UPI-based payment services including Google Pay.
With inputs from IANS.