AMAZON INDIA INTRODUCES UPI FOR PURCHASES
Global market leader Amazon is now integrating the Unified Payment Interface (UPI) to their website. Currently purchases up to $155,6 (INR10,000) can be made over the new system on the Amazon web and on the mobile website. In the future they are working to make higher transactions possible and UPI also accessible on the desktop version.
After placing an item in the virtual shopping cart and the customer proceeds to the checkout screen, the customer can decide whether he/she wants to continue with UPI. By entering the system, the customer is asked to verify by entering their UPI ID. Afterwards the customer can continue their purchase as usual. After two to four business days the money will be transferred from the bank account associated with the ID-number.
The launch does not come as a surprise since Amazon has been focusing more on the Indian payment business in the past. Digital payment methods account for over 60 per cent of their total transactions which explains why amazon was eyeing at UPI for a while now. That said Amazon is expanding further in other areas as food, travel, movies tickets, mobile recharges, etc. as well. Other companies like WhatsApp, Google Tez and Flipkart have been using UPI successfully for some time now and paved the way for Amazon to follow them.