BFC Bulletins Monthly News Digest
Android users in India can now make instant peer-to-peer (P2P) payments via Amazon Pay through a government-backed unified payments interface (UPI) platform. The new service will also allow customers to make direct payments to local stores from their bank accounts or even to Amazon delivery associates on their doorsteps via a UPI QR code. Multi-factor authentication (involving the customer’s phone number, SIM details and UPI PIN) is used to ensure security. As a launch incentive, Amazon – which is lagging behind P2P rivals in India – is offering its users up to INR 120 (USD 1.73) in cash back rewards.
Amazon is also piloting a business-to-business (B2B) inventory supply and management program in three Indian cities as part of its efforts to serve the country’s 12 million small independent stores. If successful, the program will be expanded across all of India in the near future.
