Amazon Payment a digital transaction medium for P2P
Amazon wants to have greater participation in the digital transactions of equal to equal in the country. The Seattle-based e-commerce giant has enabled person-to-person (P2P) payments through UPI in Amazon Pay for Android customers.
With the implementation, Amazon customers can make instant transfers from bank to bank using the UPI platforms through the Amazon Pay application.
Like other person-to-person payment platforms such as Google Pay, Amazon Pay P2P payments are also created using UPI platforms and customers can now send or receive P2P payments by selecting a contact from their contact book.
They can also send or receive payments by entering the UPI ID or the recipient’s bank account number.
UPI has changed the way Indians make money transfers and with the popularity of services like Google Pay and Flipkart PhonePe, Amazon also wants a part of the market.
Amazon Pay will allow Amazon customers to “settle bills/expenses with friends, lend/return money to the family, pay rent, pay for services like home help, newspaper invoices, milk subscriptions and more.”
Directly from your bank account to nearby local stores or to the Amazon delivery employee at the door of your house by scanning the UPI QR codes using the Amazon application.
“Our goal is to make Amazon Pay the most reliable, convenient and rewarding way to pay our customers. Customers trust their Amazon application and we continue to expand the use of payments directly in the application.
With this release, we have the largest selection of use cases of purchases and payments in the Amazon application of Android that provides greater comfort and control to our customers, “said Vikas Bansal, Director of Amazon Pay.
Amazon says that with the launch of P2P payments, customers can send or request money instantly and directly from the Amazon Mshop application. Amazon Pay also allows customers to make repeated payments showing recent transactions, a feature also available in rival payment services.
It also offers easy access to the phone’s contact list to initiate payments and automatically detect if the contact is a registered Amazon Pay UPI customer to allow instant bank transfer.
If a contact is not registered for Amazon Pay UPI, then the customer has the option to pay using another UPI ID based on BHIM or a contact bank account.
Once the contact is selected, the customer can enter the amount and enter the UPI PIN to confirm the payment.
Amazon Pay UPI transactions are protected by multi-factor authentication that involves the customer’s phone, the details of the SIM and the UPI PIN. “Money is transferred instantaneously and both the customer and the recipient are notified through SMS alerts and notifications in the application.”
As a launch offer, Amazon Pay UPI customers will get up to 120 Rs of return when sending money through UPI.
Google Pay, which was renamed Tez, is one of the most widely used P2P payment services and was the first to show the impact of a simple payment network from person to person.
Now, Amazon is taking advantage of it with Amazon Pay, which already serves as a digital wallet for many users, by converting it into a P2P payment platform.
It must be seen if Amazon succeeds in derailing the success of Google Pay in the coming months, but it could become the default payment service for those who buy Amazon frequently.
Amazon pay is the most preferred in the amazon stores and the products related to amazon. So, this was the report according to the officials of amazon.
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