Amazons plan to implement UPI-based service hits data localisation barrier

Monday 6 August 2018 00:37 CET | News

Amazon`s plan to release its own UPI payment service in India has allegedly encountered data localisation problems, according to Economic Times.

Multinationals that aim to enter the Indian payments space through UPI are now waiting for more clarity on data storage from the Reserve Bank of India, according to anonymous figures mentioned by the publication.

UPI has been growing in the country as more peer-to-peer transactions and online merchant payments are moving over to the National Payments Corporation (NPCI)-managed payment mode. As per figures released by NPCI, there were 235 million UPI transactions involving INR 45,845 as of July 2018.

Currently, players such as Alibaba, Paytm, PhonePe and Google Tez are competing for a larger share of the UPI payments space and are trying out new use cases on their apps.

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Keywords: Amazon, ecommerce, UPI, India, Reserve Bank of India, payments
Countries: World

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