🚀 🌟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
