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Amazon Pay is looking to introduce credit services on the Unified Payments Interface (UPI) platform in collaboration with the National Payments Corporation of India (NPCI). This initiative aims to enhance customer experience and value propositions, Vikas Bansal, Amazon Pay India's whole-time director, told The Financial Express (FE).
This news follows Amazon Pay's recent partnerships with RBL Bank for UPI payments, ICICI Bank for FASTag recharge, and the introduction of the Amazon Pay ICICI co-branded credit card.
The platform obtained a payment aggregator license from the Reserve Bank of India (RBI) in February of this year, expanding its financial services portfolio. Earlier, it had received the central bank's approval for a prepaid payment instrument licence.
With over 100 million customers utilising Amazon Pay UPI for various transactions such as shopping, bill payments, and online merchant transactions, the platform is already widely adopted. Amazon also already offers instant credit through its Amazon Pay Later option, allowing customers to make purchases on its marketplace through equated monthly installments.
Amazon Pay boasts partnerships with approximately 8.5 million brick-and-mortar sellers across 350 urban and rural areas, along with over 10,000 online sellers.
The platform has also collaborated with financial entities like Axio, IDFC FIRST Bank, and Karur Vysya Bank to offer 'Buy Now Pay Later' services, amassing nine million customer sign-ups with a payment success rate of 99.9 per cent.
Additionally, NPCI has recently unveiled three new features for UPI-linked RuPay credit cards, including EMI facilities, UPI AutoPay for credit card bill settlements, and enhanced credit limits, promising further advancements in digital payments, set to roll out from May 31.
