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Amazon Pay UPI Crosses 100 Mn User Mark

Inc42 · 12m ago

Amazon Pay UPI Crosses 100 Mn User Mark

Amazon Pay Unified Payments Interface (UPI) has achieved over 100 million users in India, thanks to increased user interest in states like Maharashtra, Uttar Pradesh, Bihar, West Bengal, and Karnataka. The adoption of Amazon Pay UPI is also growing in tier II and III cities, particularly among users aged 18-24. Amazon is now considering launching a standalone app for Amazon Pay to further engage users and expand its market reach.

Related News

Flipkart’s UPI Hits Record 5 Mn Transactions In March

Inc42 · 1y ago

Flipkart’s UPI Hits Record 5 Mn Transactions In March

In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.

Amazon Pay UPI usage grows 16% YoY amid festive sales

YourStory

YourStory · 10m ago

Amazon Pay UPI usage grows 16% YoY amid festive sales

During the first 48 hours of the Amazon Great Indian Festival 2024, Amazon Pay UPI saw a 16% year-on-year growth. To leverage this momentum, Amazon introduced the "Bumper Rewards" program, offering users rewards of up to Rs 10,000 for completing UPI transactions. This initiative aims to incentivize users to make payments both on and off Amazon.in, with rewards given after certain transaction milestones. Amazon Pay has gained over 100 million UPI users since its launch in 2019 and processed transactions worth Rs 7,845.04 crore in September 2024.

NPCI removes 100-million-users cap on WhatsApp Pay

Economic Times

Economic Times · 7m ago

NPCI removes 100-million-users cap on WhatsApp Pay

The National Payments Corporation of India (NPCI) has lifted the 100-million-user cap on WhatsApp Pay, allowing the platform to onboard all its over 500 million Indian users to its UPI-based payment service. Initially capped at one million in 2020 and raised to 100 million in 2022, the removal aims to foster adoption despite WhatsApp's minimal UPI market share compared to Google Pay and PhonePe. The NPCI's move seeks broader use of WhatsApp Pay in mainstream transactions.

Payment apps open pilots to cash in on NPCI’s new UPI Circle

Economic Times

Economic Times · 11m ago

Payment apps open pilots to cash in on NPCI’s new UPI Circle

Major payment applications like Amazon Pay, Google Pay, and Bhim are testing a new feature called UPI Circle on Unified Payments Interface (UPI). UPI Circle allows users to delegate payments from their UPI-linked account to others, such as their children. It provides a secure way for secondary users to make transactions, with options for the primary user to authenticate each transaction or set transaction limits. This feature aims to attract new users, especially young consumers and the elderly, and create a more inclusive and convenient financial ecosystem.

UPI transaction crosses 10 Bn for second consecutive month

Entrackr

Entrackr · 1y ago

UPI transaction crosses 10 Bn for second consecutive month

The Unified Payments Interface (UPI) has crossed 10 billion transactions for the second consecutive month, recording 10.56 billion transactions worth Rs 15.8 lakh crore (Rs 15.8 trillion) in September. The transaction volume remained flat compared to August, but industry experts anticipate increased UPI adoption in the future, potentially reaching 1 billion transactions per day. PhonePe currently holds 47% market share in terms of volume, with Google Pay and Paytm also recording significant transaction numbers. The UPI service has expanded to several countries and recently launched India's first UPI-ATM.

UPI crosses 10 billion in transactions for the first time

Entrackr

Entrackr · 1y ago

UPI crosses 10 billion in transactions for the first time

Unified Payments Interface (UPI) has achieved a milestone, surpassing 10 billion monthly transactions for the first time after over 7 years of its inception. UPI recorded 10.24 billion transactions worth Rs 15.18 lakh crore in August. PhonePe led with a 47% market share, while Google Pay and Paytm had 35% and 13% respectively. UPI's success has spurred plans for expansion into more countries. RBI's UPI Lite, aimed at promoting micro transactions and offline digital payments, has seen wide adoption.

WhatsApp permitted to expand WhatsApp Pay to all users in India | TechCrunch

TechCrunch · 7m ago

WhatsApp permitted to expand WhatsApp Pay to all users in India | TechCrunch

India has lifted restrictions on WhatsApp’s payments service, allowing it to extend WhatsApp Pay to all users in the country, surpassing the previous 100 million user cap. This decision is a significant win for Meta, as it aims to compete with dominant fintech players. The NPCI, overseeing UPI transactions, continues to delay implementing a 30% cap on any app's transaction share until December 2026. WhatsApp aims to enhance digital payments and UPI adoption.

WhatsApp UPI: NPCI removes user onboarding restriction limits, company aims to hike user base | Company Business News

Livemint

Livemint · 7m ago

WhatsApp UPI: NPCI removes user onboarding restriction limits, company aims to hike user base | Company Business News

The National Payments Corporation of India (NPCI) has lifted the onboarding limit for WhatsApp Pay, allowing it to offer UPI services without restrictions to its entire user base in India. This move is expected to facilitate greater adoption of UPI on the platform, enhancing accessibility for daily transactions. WhatsApp Pay will adhere to existing UPI guidelines and ensure user privacy and security. Key factors for usage include having an updated app, a bank account, and an active debit card.

UPI crosses 11 Bn transactions for the first time in October

Entrackr

Entrackr · 1y ago

UPI crosses 11 Bn transactions for the first time in October

The Unified Payments Interface (UPI) achieved a significant milestone in October, crossing 11 billion transactions in a month with a growth in transaction value. The data released by the National Payments Corporation of India (NPCI) indicates that UPI recorded 11.41 billion transactions worth Rs 17.16 lakh crore (Rs 17.16 trillion). This marks an 8% increase in volume and an 8.6% surge in value compared to September. PhonePe has maintained its lead position in the UPI ecosystem, with Google Pay and Paytm trailing behind in terms of transaction volume and value.

Amazon Pay Eyes Roll Out Of Credit On UPI In Partnership With NPCI

Inc42 · 1y ago

Amazon Pay Eyes Roll Out Of Credit On UPI In Partnership With NPCI

Amazon Pay India is collaborating with the National Payments Corporation of India (NPCI) to introduce credit services to customers through the Unified Payments Interface (UPI). The company's whole-time director, Vikas Bansal, said that offering credit on UPI is one of their objectives to enhance customer experience. This move follows the approval granted by the Reserve Bank of India (RBI) for Amazon's fintech arm to operate as a payments aggregator. By providing credit on UPI, Amazon Pay aims to increase its revenue and expand its digital payments offerings.

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