06 February 2018, India:
Amazon India has added UPI (Unified Payment Interface) as a payment method. This method is only available on Amazon’s mobile app and mobile website. UPI option is not available on desktop site. Right now, users can use UPI payment method for transactions valuing ₹10,000 or less.
The UPI option is available on the checkout screen. Users have to enter and verify their UPI ID. After verification, the app uses the UPI ID to proceed the payment directly from the bank account of the user. In case of refund, the money will be transferred directly to the bank account associated with the UPI ID of the user within two to four business days. In case of payment failure users will not be able to retry using UPI payment method. The user has to place a new order to use the UPI payment method.
Amazon India’s competitors Flipkart and Paytm already provide the UPI option for payments. Flipkart allows UPI payments through its wallet service PhonePe. Users can pay using UPI on Flipkart’s mobile app, mobile website and desktop website.
UPI allows instant fund transfer between two bank accounts on mobile platform without having any details of the beneficiary’s bank. It was launched by NPCI in 2016. Currently 71 banks provides support for UPI transaction.
(Image – Amazon, Wikipedia)