Amazon Pay to bring credit on UPI option for users
Amazon Pay is gearing up to bring credit options to UPI payments and is looking to partner with National Payments Corporation of India (NPCI) to launch credit options on its payment platforms. There have been many uncertainties regarding the interchange fee structure around credit for UPI transactions.
Vikas Bansal, whole-time director, Amazon Pay, said that Amazon has an extensive network of merchants who could “help establish a discount rate” which may help in incentivise all stakeholders.
“Improving customer experience and value proposition is one of our key goals, and we’re partnering with NPCI to work towards this initiative. Credit on UPI is a significant milestone we’re looking forward to achieving,” Bansal was quoted as saying in the report.
Amazon Pay claims to have enrolled about 8.5 million brick-and-mortal sellers in 350 urban and rural areas and is also accepted by over 10,000 online sellers, including Uber, Zomato, and Swiggy, as per the report.
NPCI recently unveiled three new features for UPI-linked RuPay credit cards. Users can now apply for EMI facility through these credit cards, set up UPI AutoPay for clearing credit card bills and enhance RuPay credit card limits. The three features will roll out from May 31.
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