E-commerce Major Amazon to Launch its Own UPI Payment Service

5 Dariya News

11-Sep-2018

After many companies, Amazon is thoroughly preparing to enter into the world of digital payments in India. The RBI (Reserve Bank of India) has approved Amazon to use their digital payment facility. This year Amazon has launched UPI, i.e. Unified Payment Interface as a mode of payment for its website. Amazon Pay is only available on the App and doesn't require logging through the desktop. By using Amazon Pay, user can pay up to 10,000.

Click here to grab exciting Amazon Coupons

Unified Payment Interface (UPI) is a payment system which allows the user to link more than one bank account detail in a single smartphone App. It enables the user to make a payment without having an IFSC code or Account number. In another word, UPI is a payment method which facilitates instant transfer between the two bank accounts without using any beneficiary’s bank details.

It is developed by the NPCI, i.e. National Payment Corporation of India and regulated by the Reserve Bank of India (RBI). Payment done by using UPI is credited instantly to the beneficiary on a real-time basis. For the UPI payment, you need to have a UPI ID or VPA, i.e. Virtual Payment Address. The refund policy for the UPI is similar to that of cash through the Credit card or Debit card, where the paid amount is credited back to the bank account linked with UPI ID.

How to register for UPI?

The user can complete the registration process for UPI through any of the UPI App such as BHIM; the user will be provided with a UPI ID. By using that UPI user can make payments on Amazon.

How to make payment via Amazon Pay?

Now the Amazon user will find the new payment option, i.e. Amazon Pay. The Amazon pay option is only available for the Android, but in the upcoming future, this payment option will also be available on iOS. Here are the steps which will help you to make payment by using Amazon Pay.

Download or update Amazon App or make sure that you are using a latest version of the App.

Select your desired product

On the payment option, you will find UPI along with the Credit card, Debit card, and Net banking.

Choose UPI for payment, provide your UPI ID, after the verification process you will be redirected to UPI linked mobile app for payment. The payment request from Amazon will be completed by using its own unique VPI.

You can make payments below 10,000 using UPI ID on Amazon Pay.

Amazon Pay offer

Pay for your purchase by using UPI and get cash back on a minimum investment of INR 100. The user will receive money back into their Amazon Pay balance within 15 calendar days. The user will receive about 10% of the order value.

Is UPI better than other payment System?

UPI provides you better experience than Credit card or Debit card since you don’t have to store information such as card number, expiry date, CVV number, i.e. Card Verification Value, and OTP, i.e. One Time Password.Also you can make payments using UPI from anywhere since you don’t require laptop or desktop which is required in case of Netbanking. UPI fee is also less than Credit card or Debit card transaction fee and the payments made using UPI are secure.Amazon is keen to expand its role in the payments and tied with the Axis bank to start issuing UPI handles to the Amazon users. The e-commerce company aims to capture the significant portion of the digital payment market. But currently, this seems to be tough.