Online retail giant Amazon launched its challenge to Google, Paytm and the host of other companies vying for a slice of India’s peer-to-peer payment market.
The service will be added to the existing Amazon Pay Android app which, as in other markets, is primarily used to process payments for purchases made through Amazon and other online shopping platforms.
Amazon’s app uses the United Payments Interface system, a protocol devised and regulated by the country’s central bank. This will allow transfers to and from accounts held at mainstream banks and other registered apps.
To promote the service it is offering a limited cashback facility to customers.
This is not the first time Amazon has attempted to expand into wider finance in India. In 2018, it teamed with bank ICICI to launch a Amazon Pay credit card, offering tie-ins and deals related to its Prime premium subscription service.
The move into P2P payments pits the company against a swathe of other companies making plays in the sector. Competitors include Google, Ant Financial-backed Paytm and mobile messaging company Hike.
Facebook’s long-awaited WhatsApp payments service is also earmarked for the country, but is yet to get beyond the trial phase with still no official word on when, or if, it will launch. The company, however, has had several other issues in the country since development of the product began.