Tag: amazon pay

Yes Bank partners Amazon Pay for UPI, chooses AWS for payment processing, BFSI News, ET BFSI

Banking & Finance

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Mumbai: Yes Bank has partnered with Amazon Pay and AWS to offer UPI payment to users. In FY21, Yes Bank recorded a market share of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business thanks to the integration with PhonePe.

The integration with Amazon Pay will enable the US e-commerce giant, which is a late entrant into the payment space, to issue UPI IDs with the @yapl handle. The tie-up will further expand Yes Bank’s presence in UPI with its payment processing platform hosted on AWS.

Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, adding to its existing merchant network.

The private lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales.

“With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions — through UPI-based payments,” said Prashant Kumar, MD & CEO, Yes Bank.

According to Mahendra Nerurkar, CEO and VP, Amazon Pay, the company plans to expand its digital payment network by making it more rewarding for customers. “UPI is one of the most convenient and popular ways to pay in India. With a cloud-native architecture we hope to keep raising the bar on availability, speed and customer experience using UPI through the Amazon app,” said Nerurkar.



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Yes Bank collaborates with Amazon Pay and AWS to offer UPI payment services

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Yes Bank on Thursday announced its collaboration with Amazon Pay and Amazon Web Services (AWS) to offer customers an instant real-time payment system through a UPI transaction facility.

“The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments,” it said in a statement.

Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, further extending the lender’s presence in the UPI merchant business segment.

Cloud-native UPI processing platform

The private sector lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales. It is hosting its UPI processing platform on AWS.

“With AWS, the bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand,” it further said.

Yes Bank is one of the market leaders in UPI payments. In fiscal 2020-21, it recorded a market share of around 40 per cent by volume in the UPI ecosystem and around 30 per cent by volume in the UPI merchant acquiring business.

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Amazon pumps in ₹450 crore into payment unit in India

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Amazon Pay India Private Limited, the online payment business of e-commerce giant Amazon, has raised ₹450 crore from Amazon Corporate Holdings Private Limited, Singapore, and Amazon.com Inc Limited, Mauritius.

According to documents submitted by the payments company to the Ministry of Corporate Affairs, the bulk of the funding have come from Amazon Corporate Holdings Private Limited, Singapore. The documents reviewed by BusinessLine was sourced from Tofler.

For the said equity, the two companies have purchased 45 crore shares at a nominal amount of ₹ 10 each.

In May, BusinessLine had reported that Amazon Pay received fresh funding of ₹225 crore.

Earlier this month, Amazon Pay, which is competing against search-engine giant Google’s payments arm Google Pay said that it had managed to acquire five crore customers in India who are using its UPI platform.

Mahendra Nerurkar, CEO and VP Amazon Pay, claimed that customers are using the Amazon app to pay at 2 crore local shops by scanning any UPI QR code.

“In the last one year, over 75 per cent of our customers using Amazon UPI are from tier-2 and -3 cities, showing the growing reach of UPI,” the company claimed.

Amazon Pay allows its customers to recharge their phone, DTH, send money to contacts, pay salaries to household help, pay for shopping on Amazon.in. It has even extended the services for customers who want to open their fixed deposits.

Also read: Majority of consumers looking to buy 5G compatible smartphones: Amazon survey

Amazon Inc has been pumping money into its Indian entity. Amazon India had raised ₹ 915 crore from its holding company, Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited Company.

Since 2013, Amazon Inc. has committed to invest around $6.5 billion in its Indian operations. In the recent past, Amazon has announced the expansion of its operations network in India. It plans to set up 10 new fulfilment centres, 5 new sortation centres, nearly 200 delivery stations, and over 1 lakh seasonal jobs to help meet customer demand.

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Amazon Pay also set to help users book deposits, even as GPay service under RBI watch

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Amazon Pay India, the American e-commerce major’s payments app, is also set to offer deposit booking services for its customers, even as rival Google Pay’s similar facility has invited regulatory attention within days of its launch.

Amazon Pay India on Wednesday announced a tie-up with investment platform Kuvera.in through which the former’s customers will be able to invest in mutual funds and fixed deposits, a statement said.

“Kuvera will provide its services, products and technology know-how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more over time,” it said.

Google Pay has tied up with Equitas Small Finance Bank for allowing its users to book deposits. Details surrounding the banks where Amazon Pay customers’ deposits will be made were not immediately known.

Following Google Pay’s announcement, there have been reports that the deal between the big tech company and the bank is under RBI’s watch for its implication on the broader financial landscape.

RBI’s stance

In the past, the RBI has made it clear that it is wary of ‘Big Tech’ firms like Google, Amazon, Facebook, Apple and Microsoft, and flagged it as among the risk factors for financial stability in the half-yearly Financial Stability Report released in July.

“At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering,” Amazon Pay India’s director Vikas Bansal was quoted as saying in the statement.

The statement said only 30-40 million of the 600 million internet users in India have access to quality investment products.

“Through this arrangement with Amazon Pay India, we seek to add value to the investors’ journey. Our goal is to accelerate the democratisation of investing and wealth management in India,” Kuvera’s founder and chief executive Gaurav Rastogi said.

Kuvera has more than 10 lakh users and ₹28,000 crore in assets under advice since starting in 2017.

Alokik Advani, the managing partner of Fidelity International Strategic Ventures, an early investor in Kuvera, said the tie-up will bring “best in class saving and investing products to a much wider base of users across the country.”

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Facebook’s payment system will extend to online retailers in August, BFSI News, ET BFSI

Personal Finance

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Facebook‘s payment system is all set to extend to online retailers in August this year.

As per The Verge, online shoppers will eventually see another option listed next to the usual payment methods, now that Facebook Pay will expand beyond the company’s own platforms.

Not long after credit card companies dropped out of its Libra cryptocurrency project, Facebook launched its payments system for use across the main site, as well as WhatsApp and Instagram.

Now, just like Google’s stored cards, PayPal integrations, Amazon Pay, and others, Facebook Pay is opening itself up for use in transactions with participating retailers. Shopify merchants are first in line to add the system on their sites, with others to follow after it launches in August.

Of course, this isn’t just an easier way for retailers to get paid with cards customers have already stored in their Facebook profiles, it’s also a way to get even more data into Facebook.

The announcement points to this privacy page for Facebook Pay, which clearly states:

1. As with previous payment options on our apps, when you make payments with Facebook Pay, we’ll collect information about the purchase such as the payment method, transaction date, billing, shipping and contact details. We designed Facebook Pay to securely store and encrypt your card and bank account numbers.

2. As with our other products, the actions you take with Facebook Pay can be used for purposes such as to deliver you more relevant content and ads, to provide customer support and to promote safety and integrity.

The card and bank account numbers you provide will not be used to personalize your experience or inform the ads you see.



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Over 20 lakh Amazon Pay ICICI Bank credit cards issued on Tuesday

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ICICI Bank and Amazon Pay on Tuesday announced that the lender has crossed the 20 lakh mark for issuing ‘Amazon Pay ICICI Bank’ credit cards.

“In the process, the card has emerged as the fastest co-branded credit card to cross this milestone in the country,” they said in a statement.

It crossed the 10 lakh milestone for issuances in October last year. The card has on-boarded 10 lakh customers in the last nine months, with over 80 per cent of new customers availing the card completely digitally, without any physical interaction.

Amazon Pay and ICICI Bank introduced the card, powered by Visa, in October 2018.

“With the introduction of Video KYC in June 2020, many new-to-bank customers applied for the card from various parts of the country, which significantly boosted the user base…We believe the card is well poised to become the largest co-branded credit card in the country,” said Sudipta Roy, Head – Unsecured Assets, ICICI Bank.

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WhatsApp Payments grows over 2X in December UPI volume, value; PhonePe pips Google Pay to lead tally

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PhonePe, Google Pay, and Paytm Payments Bank together had a lion’s share of 89 per cent in total UPI volume and 93 per cent share in value terms for December 2020.

WhatsApp Payments, which went live in December 2020 for up to 20 million users, has grown by over 2X in UPI transactions volume and value as well from November, according to the latest data released by the National Payments Corporation of India (NPCI). WhatsApp Payments UPI volume was up from 0.31 million transactions (3.1 lakh) worth Rs 13.87 crore in November 2020 to 0.81 million (8.1 lakh) involving Rs 29.72 crore in December. WhatsApp Payments is the latest entrant in the UPI apps segment that is currently led by PhonePe, Google Pay, and Paytm Payments Bank. PhonePe was on top of the table in December with 902.03 million transactions worth Rs 1.82 lakh crore processed up from 868.4 million transactions worth Rs 1.75 lakh crore processed in November.

Google Pay slipped to the second spot in December with 854.49 million transactions involving Rs 1.76 lakh crore down from 960 million transactions in November even as the value was up from Rs 1.61 lakh crore. Paytm Payments Bank remained at a distant third spot among UPI apps with 256.36 million transactions involving Rs 31,291.83 crore in December from 260.09 million transactions worth Rs 28,986.93 crore in November. Amazon’s payment vertical Amazon Pay managed to process 40.53 million transactions worth Rs 3,508.93 crore in December down from 37.15 million worth Rs 3,524.51 in November.

Also read: Mukesh Bansal’s Cure.fit buys US-based personal trainer app Onyx to strengthen international offering

UPI transactions ended 2020 hitting the Rs 4-lakh-crore value mark in December involving 2.23 billion transactions, up from 2.21 billion transactions worth Rs 3.91 lakh crore in November. The annual growth in volume was 70 per cent from 1.30 billion transactions while the value was up 105 per cent from 2.02 lakh crore in December 2019. Also, the number of banks live on the UPI platform increased from 143 to 207 during the 12-month period.

PhonePe, Google Pay, and Paytm Payments Bank together had a lion’s share of 89 per cent (2 billion transactions) in terms of volume and 93 per cent share (Rs 3.89 lakh crore) in value. The UPI transaction volume and value have been able to grow faster during the Covid and lockdown phases as people increasingly transacted digitally. The volume jumped by 908.47 million transactions during the 10-month period from 1.32 billion transactions in February 2020, according to the analysis of NPCI data. However, in comparison, similar volume growth of 908.47 million transactions, before Covid, took 17 months (from September 2018) to reach the February 2020 level.

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