wordpress blog stats
Connect with us

Hi, what are you looking for?

Amazon launches P2P payments on UPI for Android users

Amazon Pay on Monday launched person-to-person (P2P) payments for Android users, who can now make instant bank-to-bank transfers using the UPI platform on the Amazon app. It will also let users make payments from their bank account to local stores or to Amazon’s delivery agents via scanning UPI QR codes. It can be used to settle bills with friends, lend or return money to family, pay rent, and for services like house-help, newspaper bills and more, the company said.

The new feature will let Amazon users send or receive P2P payments by simply selecting a contact on their phone. The app will automatically detect if the contact is a registered Amazon Pay UPI customer and enable instant bank-to-bank transfers. If the contact is not registered for Amazon Pay UPI, the user will have the option to pay using any another BHIM UPI ID or the contact’s bank account. All P2P payments are secured through multi-factor authentication involving the user’s phone, SIM details, and UPI PIN, Amazon said. The app will also display recent transactions to make it easier for customers to make repeat payments.

Google Pay leads in P2P payments

Amazon has had a late start on UPI and P2P payments in India, party due to RBI’s concerns regarding the storage of user data in India. Its rivals – Paytm, Google Pay and PhonePe – already support P2P, with Google Pay in the lead in terms of the amount transacted, per the Times of India. In February, the Amazon quietly added a UPI-based payments option for customers making purchases on its website. But Flipkart, which owns PhonePe, has been supporting UPI payments natively on its app since January 2017. Before that, Flipkart customers had to install the PhonePe app to pay for purchases on Flipkart using UPI.

Almost 800 million UPI transactions in March

There were 799.5 million transactions conducted on the UPI platform in March 2019, 4.5 times more than in the same month last year. The amount transacted stood at Rs 133,460.7 crore, 5.5 times more than in March 2018. At least 80% of UPI transactions are P2P, per the Times of India. 

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ