Amazon Pay launches peer-to-peer payments to win customers in India
Now that the Internet is commonplace in everyday life, new payment methods are spreading in India for purchasing services and products online.
April 29, 2019 Amazon India announces the latest peer-to-peer (P2P) payment method that allows users to send money to each other via the Unified Payment Interface (UPI).
Vikas Bansal, director of Amazon Pay in India, said that existing payment apps have been integrated into Amazon's payment method for shopping and can be quickly implemented without going through a complicated process. In addition to buying online, customers say they use Amazon Pay for offline transactions, paying bills, and much more.
According to the Journal report, Amazon P2P payments will be comparable to Paypal-owned payment app Vermo, which Venmo processed in excess of $ 10 billion in P2P payments in the fourth quarter of 2017, It is believed to have approximately 7 million users per month.
India is now approaching a cashless economy with the announcement of Amazon P2P payment methods. With Amazon's latest peer-to-peer payment method, your smartphone can act as a virtual debit card, sending and receiving money instantly.
P2P reduces payment costs by reducing purchase costs and infrastructure costs.
The Reserve Bank of India states in its Settlement System Vision Document (2012-2015) that it has a financial inclusion that leverages a low cash-intensive society and technology (access to financial services without leaving anyone behind, regardless of poverty or refugees) to achieve the goal of being able to benefit from financial services.
UPI is a key move to achieve these visions, making online payments very easy and affordable, enabling a variety of services and ecosystems, and ultimately cashless payments.
With the launch of Amazon P2P in India, customers will have more options, more comfort and customer management for shopping and paying on Amazon Android apps.