News

Amazon Pay Adds P2P Payments In India, Sets To Compete With Google Pay

Amazon Pay is offering up to INR 120 cashback to customers for using its UPI payments services.

Amazon Pay Adds P2P Payments

The boom of unified payments interface (UPI) in India attracts another big enterprise to launch the UPI based payments services. 

Today Amazon announced that its Amazon pay has enabled person-to-person UPI based payments services. From today onwards, users can transfer money from bank to bank. Now, via the Amazon app, one can settle bills, send money to family, pay for various services and divide the party’s expenses with friends.

Amazon's UPI payments services announcement was set to come out in the past year but due to data privacy regulations and data localization, the launch was delayed. In 2018, Amazon Pay showed its intentions by acquiring Tapzo. The company provided online payment services with the help of the BHIM app on UPI.

To provide peer-to-peer payment services in India, the company has partnered with Axis Bank. Amazon Pay, a subsidiary of Amazon has even started giving @apl handles.

Vikas Bansal, director for Amazon Pay, India stated,

Amazon reported that Tier 1 cities are the source of 80 percent of its transactions and that its payments technology has a 2 to 3 percent higher success rate in comparison to industry standards.

It is quite easy to set up an Amazon Pay UPI payment. First, you need to verify your phone number then the UPI gateway will detect all the available linked bank accounts with the phone number. Finally, you just need to specify through which bank all the Amazon UPI payments will be made.

Vikas Bansal further added,

To transfer UPI enabled P2P payments, Amazon Pay app will automatically detect if the person is registered Amazon Pay UPI customer or not. If the contact is not registered for Amazon Pay UPI then the customers will have the two other options, either to pay via BHIM UPI or filling the receiver bank account details. 

As per the report from National Payments Corporation of India, the total number of UPI transactions in the country hits 799.54 million in March 2019.

Amazon Pay Journey

Now comes the interesting part for customers. Amazon is rewarding the customers to try its in-app UPI services by giving them up to INR 120 cashback. Noteworthy point is that the Amazon Pay app P2P money transfer feature is currently available only for Android users via new “Send Money” and “Request Money” links. 

The entry of Amazon Pay will fire the competition between UPI based peer to peer money transfer apps like Google Pay, Paytm and Phone Pe apps. One who will win for sure is customers whose life has become very easy after the launch of the bank to bank money transfer apps.

Manish <span>Content Strategist</span>
Written By
Manish Content Strategist

With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!

Want To Hire The Best Service Provider?
MobileAppDaily will help you explore the best service providers depending on your vision, budget, project requirements and industry. Get in touch and create a list of best-suited companies for your needs.
News

How to Name Your First App [Full Guide 2020]

4 min read  

There is a very famous phrase coined by none other than the Shakespeare that says, “ What is in a name.” The line is from the play “Romeo and Juliet” and expresses that it doesn’t matter what we call something; the essence of that will remain the same, irrespective

News

Amazon's Alexa App Is The Top Ranked in App Store

4 min read  

Amazon's Alexa app Echo Dot has topped the charts since Christmas day and it is for the very first time that the app has grabbed the number one ranking. Amazon's iOS & Android app is essential to setting up the Echo speaker. The app helps to enable wi-fi pairing, configuring smart home f

News

Uber Allows Drivers to Share Their Location With Family and Friends

4 min read  

Finally Uber chose Dara Khosrowshahi as a new CEO after the long hunting for the deserving candidate. But the executive system isn't the only one facing the changes in Uber, the ride-hailing service provider are enrolling consistent updates to its app. Following the recent upgrade of ride reject

News

Instagram To Bring Standalone e-Commerce App For Shopping

2 min read  

The e-commerce shopping is already at its peak, and still, there is a lot to come. To tap on such an opportunity, Instagram has started working on a new standalone app that will let the users shop from that app directly.As per the report, Instagram may name the standalone app as IG Shopping. Eng

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH
Join our expansive network, build connections and expand your brand presence.