Amazon has recently launched a new payment option – Amazon Pay UPI – in association with Axis Bank. This feature is currently only available to Android users. Individuals who wish to use the Unified Payments Interface (UPI) feature will need to link their savings bank account to their Amazon app via the UPI IDs that are generated by Axis Bank.
UPI is a real-time instant payment system that was developed by the National Payments Corporation of India to facilitate inter-bank transactions. Android users who shop on Amazon will now be able to utilize their respective Amazon Pay UPI IDs to pay for their purchases, recharges, and bills, without keying in their debit card or bank account credentials. Further, the company has said that every transaction done on the platform is secured by way of the verification procedure that is done via the mobile device and the UPI pin.
Amazon has said that the UPI platform will continue to be leveraged to launch new features that will help in simplifying customer experience.
Amazon Pay, which was launched in the year 2007, is the company’s digital payments processing service. Amazon Pay gives customers the option of paying on certain external merchant websites with their Amazon account. Individuals who wish to pay via the Amazon Pay UPI feature will need to open the Amazon app on their Android devices and choose UPI as the payment method when paying for the purchase.
The company stated that launching this feature is a significant step in enabling customers to adopt BHIM UPI as an online payment method, thus promoting the ‘Cashless India’ initiative of the Government of India.
Sources: The Indian Express, The Economic Times