Amazon Pay along with NPCI working to simplify the UPI experience
By MYBRANDBOOK
As per reports Amazon Pay is working on to improve their UPI ecosystem and challenges with its services such as BNPL to get more people onboard this digital fin-tech revolution.
Vikas Bansal, Director, Amazon Pay India, shared his thoughts on many aspects of the business and how he aims to take it ahead despite the challenges of acceptance.
He commented, “UPI has been at the forefront of India's digital payments revolution. Amazon Pay UPI has over 60MM sign-ups and in the last year, over 75% of our customers using Amazon UPI have come from tier 2 and 3 cities. However, the transformation to digital payments is still underway as about 70% of retail payments in India are in cash. So, we have a long runway ahead of us. There are challenges such as lack of awareness, and a large population of non-internet users, which impact the growth of the digital payments ecosystem. We are trying to address these issues through our awareness campaigns. We recently launched #AbHarDinHuaAasan, an integrated campaign that highlights the convenience, safety and a large set of use cases on Amazon Pay, available within the Amazon app. The campaign has reached over 100 million customers and merchants through various mediums.”
Preventing the misuse of UPI payments by fraudsters is one of the company’s top priorities. Vikas said they work closely with NPCI to strengthen the mechanism for early detection and prevention of suspicious UPI transactions in addition to driving customer awareness campaigns on secure practices of digital payments. They are also working in collaboration with the National Payments Corporation of India (NPCI) to further simplify the UPI experience.
While he cannot disclose the specifics, he said, “First of all, we are investing in building technology for the future that supports a world-class payments platform. Our other focus is on expanding our talent pool that solves some of the most critical problems in the payments sphere. Last but most important, we are investing in building awareness about digital payments reaching out to the masses to drive the adoption.”
Vikas was hopeful that Amazon Pay is already a preferred choice for millions of customers and merchants across the country. Moreover, the company has been on an exciting growth trajectory and achieved some great milestones across the business.
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