The e-commerce giant Amazon, has now entered in digital payments and is now foraying into P2P transactions through UPI, the real time inter-bank settlement mechanism. The e-commerce giant has gone live on UPI with Axis Bank in Feb 2019. Now with P2P payments, the company intends to offer the entire suite of payment products to its UPI users.
“We have a highly engaged set of consumers on the Amazon app. since our payment products are embedded within the existing app, it can help rapid scale of adoption,” Said Vikas Bansal, Director Amazon Pay India.
He said, that the consumers are using Amazon pay for bill payments, mobile recharges, scan and pay offline transactions as will. He also said that, more than 80% of transactions are originating from beyond the tier one cities in India.
“Now with bank transfer, 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 recent-done transactions which will make it easier for the user to make recurring payments.”