Amazon pay UPI service: To make payments and financial transactions easier and secure on its platform, Amazon on Thursday introduced its instant real-time payment system Amazon Pay UPI on Android. The app will allow users to make payments using the UPI Id when they want to shop on Amazon.in. The United Payments Interface (UPI) was developed by the National Payments Corporation of India — a payment system that allows users to link more than one bank account in a single smartphone app.
Amazon is partnering with Axis Bank to issue UPI IDs to its customers in the country. Even without entering bank account or debit card credentials, we can make payments for our daily online purchases including recharges and bill payments through Amazon Pay UPI Id, a statement issued by the company said on Friday. It will prove beneficial to see if Amazon extends the UPI services to other users too. Amazon will have to verify every customer’s KYC for this purpose.
Users, those who haven’t completed the full KYC process through Amazon Pay UPI, they needn’t worry about it. Every customer transaction on Amazon is secured through mobile device verification as well as with the UPI. Vikas Bansal, Director, Amazon, said the launch of Amazon Pay UPI is a key milestone to help accelerate adoption of merchant payments on UPI platforms.
This is another step in helping the Indian government’s initiative of Cashless India. Amazon India said the service will be coming to IOS in near future. Amazon UPI allows the retailer’s customers to link their bank accounts directly with the Amazon app, which will then act as a direct payment option for all shopping on Amazon.in. The method of UPI is for transferring funds between two different bank accounts without the need for any credit or debit card.
Axis Bank has invested in creating a strong technology platforms and developed friendly APIs to enable its partners and startup to access the UPI functionalities on their mobile apps in a simple and secure manner,’ said Sanjeev Moghe, executive vice-president of the private bank.
We are very excited with our Amazon Pay UPI launch… They can now make fast, easy and secure payments directly from the bank account without having to enter CVV and OTP, remembering the Netbanking id and password, bank account number and other such detail. Android users will just have to enter the UPI pin to facilitate the payment.