Amazon has steadily increased its focus on Amazon Pay in India in the last few weeks. After reported investments of Rs 1,6o0 crore in the division, the e-commerce giant is likely to integrate UPI in Amazon Pay soon. Last week, Amazon India had said that payments would be one of its core business in going ahead. Now, a company spokesperson has confirmed to Medianama that Amazon is tracking UPI very closely. While the specific dates of a rollout is not known, Amazon is already checking the “platform stability”, and testing user experience. Also Read - Amazon Great Freedom Festival sale to kick off on August 5: Deals, discounts and offersAlso Read - PM Modi launches e-RUPI digital payment solution: What is it? Is it like Bitcoin? and more questions answered
“Currently, we are looking into the initial market feedback on UPI payment method. We are also studying UPI network stability, transaction failures rates and other customer experience issues,” the spokesperson reportedly said. Incidentally, Amazon has also started holding talks with several players in the UPI ecosystem for potential partnerships. “Before we enable UPI on Amazon, we are working towards building a product that provides a great customer experience,” the spokesperson added. ALSO READ: Amazon may be making big investments in Amazon Pay in India: Report Also Read - e-RUPI: PM Modi announces to launch a new digital payments platform today
Amazon rival Flipkart had enabled UPI payments through its payments app PhonePe earlier this year. Amazon’s Silicon Valley peer Uber too rolled out UPI a few months ago. Last month Google launched a made-for-India payments app Tez that is based on UPI. Even Paytm, which in itself is a mobile wallet, allows payments via UPI. Reports suggest that WhatsApp too is working on a UPI-integrated payments feature that could hit the market anytime. UPI accounts for the largest share of digital transactions in the country. In September, UPI transactions crossed the 30 million mark registering a 85 percent jump. ALSO READ: NPCI crosses 1 billion monthly transactions riding on Aadhaar-based payments
While Amazon may have begun UPI testing, it is left to be seen which Indian bank it partners with for the purpose. More than 50 public and private banks in the country support UPI payments. “Global tech companies see UPI as a simple, seamless payment option with a mobile focus If these players put their weight behind UPI, it will definitely give a big push to UPI to reach 50 million to 100 million users in the next few years, National Payments Corporation of India (NPCI) had said in an earlier statement.