This initiative focuses on improving customer experience and value propositions. In early 2024, Amazon Pay received a payment aggregator license from the Reserve Bank of India (RBI), allowing it to diversify its range of financial services. Previously, the company had obtained approval from the Central Bank for a prepaid payment instrument (PPI) license.
Furthermore, this news follows Amazon Pay's recent partnerships with RBL Bank for UPI payments, ICICI Bank for FASTag recharge, and the introduction of the Amazon Pay ICICI co-branded credit card.
UPI growth with Amazon Pay
More than 100 million customers use Amazon Pay UPI for a variety of transactions. According to the report, Amazon also already offers instant credit through its Amazon Pay Later option, allowing customers to make purchases on its marketplace through equated monthly instalments. Amazon Pay also partners with approximately 8.5 million brick-and-mortar sellers across 350 urban and rural areas, along with over 10,000 online sellers.
Recently, NPCI announced three new features for UPI-linked RuPay credit cards, including EMI options, UPI AutoPay for settling credit card bills, and increased credit limits. These enhancements promise to advance digital payments and will be rolled out starting May 31, 2024.
In October of 2023, Amazon introduced the ability for RuPay credit cardholders to pay in EMIs, aiming to make shopping more convenient and affordable.
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