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Wednesday, December 13, 2023

Day 17 of PM Modi's 30-day challenge: Best wishes to the Amazon Pay Team for Credit on UPI!

🚀  🌟Exciting times ahead as Amazon Pay India's Director, Jain, reveals plans to collaborate with banks and the NPCI, aiming for the product launch in the first half of 2024. 📆💳

 


Amazon Pay, the financial arm of the e-commerce giant, Amazon, is gearing up to introduce the Credit on Unified Payments Interface (UPI) feature, with aspirations to broaden credit usage and coverage. 🌐💼

 

Back in September, NPCI announced the UPI credit feature at the Global Fintech Fest, and by then, Amazon Pay had already garnered an impressive 80 million UPI users. 👥💰

 

With 54.39 million transactions in October 2023, Amazon Pay stands as the sixth-largest player in the payments segment. 📈💸

 

Operating credit products like a co-branded credit card and 'buy now, pay later' (BNPL) service called Amazon Pay Later, Amazon Pay boasts over eight million sign-ups for Amazon Pay Later and a base of over four million customers for the co-branded credit card. 💳💡

In the dynamic landscape of 'Credit on UPI,' multiple players are working towards an early launch.

As it stabilizes, this initiative could potentially add another 100 lakh transactions per day. 🔄📊

In the spirit of innovation and progress, Prime Minister Modi's challenge has set the stage for exciting developments, and we're thrilled to witness Amazon Pay stepping up to the plate.

As the team sets its sights on this new frontier of financial services, the Credit on Unified Payments Interface (UPI) initiative promises to reshape the landscape of digital transactions.

This venture aligns perfectly with the vision of a digitally empowered India.

The Amazon Pay Team's dedication and collaboration with banks and the National Payments Corporation of India (NPCI) speak volumes about their commitment to pushing boundaries.

Their goal? To introduce the Credit on UPI feature in the first half of 2024, a move that's poised to elevate the user experience and broaden the horizon of financial possibilities.

 

This strategic move by Amazon Pay, the payments and financial services arm of the e-commerce giant, reflects a forward-thinking approach to meet the evolving needs of the digital economy.

With the potential to expand the usage and coverage of credit, this initiative is not just a milestone for Amazon Pay but a leap forward for the entire financial ecosystem.

 

As the anticipation builds, we look forward to witnessing the positive impact of Credit on UPI, contributing to the growth and inclusivity of digital financial services in India.

 

Kudos to the Amazon Pay Team for embracing this challenge and charting a course towards a future where digital transactions are seamless, accessible, and empowering! 🌐💳 #AmazonPay #CreditOnUPI #DigitalFinance #InnovationInBanking

A glimpse into the broader scenario: RBI Governor's launch of Credit Line on UPI at the Global Fintech Fest 2023, designed to promote financial inclusion and innovation.

This initiative facilitates pre-sanctioned credit lines from banks via UPI, streamlining the access to credit and fostering a more digital banking ecosystem. 🌐💡

 

The UPI credit line introduces a revolutionary on-tap, collateral-free credit line announced by the RBI Governor on April 6, 2023.

This flexible borrowing limit can be accessed through a user's UPI app, offering a faster and more accessible credit solution. 💳📲

 

For new-to-credit customers, this initiative provides a convenient and efficient alternative to multiple credit cards.

It's a stepping stone to ignite more innovations around UPI, such as revolving credit lines, instant overdraft, and other personal credit solutions, paving the way for advancements in B2B transactions and the introduction of BNPL (Buy Now, Pay Later) products. 🔥🔄💡 #AmazonPay #CreditOnUPI #DigitalFinance #InnovationInBanking

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html

 

Mayank Jain, Director, Credit & Lending, Amazon Pay India interview @ https://www.business-standard.com/companies/news/looking-forward-to-ride-the-credit-on-upi-wave-amazon-pay-india-s-jain-123121301073_1.html

 

 

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