Amazon launched “Amazon Pay Unified Payments Interface (UPI)” for Android users in partnership with Axis Bank to issue UPI IDs to its customers in India.
With this, users would be able to use their Amazon Pay UPI ID to shop on Amazon.in, make payments for their daily purchases, including recharge and bill payments, without entering bank account or debit card credentials or going through a multi-layer process to pay from their bank account.
Source: Economic Times
Static/Current Takeaways Important for NIACL AO Mains Exam:
- UPI is an instant real-time payment system developed by National Payments Corporation of India processing inter-bank transactions.