Digital payments brand Amazon Pay will soon be allowing Unified Payments Interface (UPI) based instant peer-to-peer transactions (p2p).
Amazon’s UPI plans had earlier come to a halt after it failed to complete the data localisation mandates directed by the Reserve Bank of India (RBI). Post adhering to all the data localisation norms, Amazon is now ready to start its p2p services soon.
“Amazon Pay has a highly engaged set of users who should adapt quickly with its payment products,” said Vikas Bansal of Amazon Pay, India.
He added that bank transfers will enable more features as one can now transfer via a virtual ID from bank account details.
“We will store the recently-done transactions which will make it easier for the user to make recurring payments,” said Bansal.
With regards to the UPI landscape in India, Google Pay is now at the leading position in terms of the transaction value. However, as far as transaction volumes are concerned, Paytm is leading the game, followed closely by PhonePe and Google Pay.