13 May 2019
Amazon Pay can now be used for making peer to peer (P2P) payments via UPI platform in India. The support has been added two months after the debut of Amazon Pay UPI in the country. The aim of offering P2P payments is to be able to provide every possible payment option under a single umbrella so that users can do everything from a single app.
With P2P payments, users will be able to send or receive money instantly from anyone via Amazon Pay UPI. The app will look for Amazon Pay UPI address to complete the transaction between two users. But alternatively, it also supports payment transfer via other platform UPI address or bank account number. It will also show recent transactions to make it easier and faster to make recurring payments.
Amazon further said that its digital payment platform sees 2 to 3 percentage higher payment success rate than the industry standard. It claimed that the team is working towards improving underlying mechanisms to achieve a 100% success rate.
Vikas Bansal, Amazon Pay's Director said,
“We have a highly engaged set of consumers on the Amazon application. Since our payment products are embedded within the existing app, it can help rapid scale of adoption. Now with bank transfers, we are bringing in more features. One can transfer through the virtual ID, through bank account details as well. We will store the recently-done transactions which will make it easier for the user to make recurring payments."