Customers can now make instant bank-to-bank transactions through the UPI platform on the localised version of the Amazon app, allowing them to settle bills and other expenses with friends, lend or return money to family, pay for services and more. The new P2P service also will allow customers to make payments from their bank account to local stores or to Amazon delivery associates at the doorstep, who will scan a UPI QR code within the Amazon app.
The service is built on the Indian government-backed UPI platform, which is regulated by the Reserve Bank of India, and is designed for instant transfer of funds between bank accounts using a mobile device. With the Amazon Pay service, customers can either send or receive P2P payments by choosing a contact from their phone’s address book or by entering their UPI ID or the recipient’s bank account.
When a contact is selected, Amazon’s app will automatically detect if the person is a registered Amazon Pay UPI customer and enable the bank transfer. If the contact is not registered for Amazon Pay UPI, the customer then has the option to pay through another BHIM (Bharat Interface for Money) UPI ID or the contact’s bank account, as an alternative. The plan is to expand this program across India, if the pilot succeeds.
With the launch of P2P, Amazon is incentivizing customers to use its service by offering up to Rs 120 cash back by sending money through UPI. The feature is available in the Amazon app for Android, through new “Send Money” and “Request Money” links.
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