How to Amazon Pay in India: The complete guide
Amazon Pay Features: A digital payment platform which offers all the major digital financial services under a single umbrella.
With the RBI crackdown on Paytm Payments Bank, Amazon Pay can be seen as an alternative. It is a standalone payment platform that allows users to send and receive payments. In fact, Amazon Pay can also be used to shop on Amazon, and it also enables bill payments, mobile recharge, and even has an e-wallet, allowing users to quickly make a payment without waiting for a one-time password (OTP).
Here are all the services and features offered on Amazon Pay, which make it a one-stop destination for all your digital payment needs.
Amazon Pay Features: Amazon Pay offers UPI Amazon Pay also offers wallet-linked payments (Express Photo)
Amazon Pay is a standalone platform
Although Amazon Pay is a standalone platform, there is no standalone app, and it can only be accessed from the Amazon app/website. Due to this, an Amazon user can quickly set up his/her account in just a few minutes to get going, without requiring additional sign-up or registration processes and can be accessed on both iPhones and Android smartphones.
Contrary to popular belief, Amazon Pay is not just limited to Amazon-related services; in fact, it can be used similarly to other popular payment platforms like Paytm, PhonePe, BharatPay, and more. It supports credit/debit card-based payments, UPI payments, wallet-linked payments, and the platform can also be used for loan repayments.
How to set up Amazon Pay UPI
Setting up UPI on Amazon is a fairly easy process and is similar to other platforms. Make sure you have your SIM card linked to your bank account to set up Amazon Pay UPI.
Click on “Amazon Pay UPI” in the top left corner, select “add new UPI account,” select your bank and authenticate the same using an SMS. Similarly, you can also add a RuPay credit card from the select bank as your UPI payment method. While configuring a UPI account on Amazon Pay, you might need details like your debit card details. You can also set up more than one UPI ID on Amazon Pay.
Amazon Pay supports QR payments
Using Amazon Pay, one can make a payment to other Amazon Pay users or any UPI ID for free of cost. The platform allows users to create custom UPI IDs, and it has partnered with various banks to power this capability. On top of that, one can also receive payments using Amazon Pay, and the platform also offers a custom QR code to every account, which can also be shared with friends and family to receive business. One can configure Amazon Pay to receive the funds directly into a bank account or to the Amazon Pay Wallet.
Do note that, while adding money to the Amazon Pay Wallet is simple, free, and easy, it does take some workaround to transfer back that amount to a bank account. However, it also has an advantage; unlike UPI payments, which have a higher tendency of failure, payments powered by Wallet claim to have a 99 per cent success rate.
Amazon Pay also enables bill payments
From paying your electricity bill to booking a gas cylinder, Amazon Pay also supports these payments, including but not limited to payment of insurance premiums, credit card bill payment, postpaid bill payment, broadband bill payment, cable TV recharge, and can be used to manage various subscriptions, powered by Bharat BillPay.
If you are a Prime subscriber, you can manage your account directly from Amazon Pay. On top of that, you can also subscribe to OTT platforms like Aha, Disney+ Hotstar, MX Player Gold, SonyLIV, and more. In fact, you can even pay for Tinder subscriptions directly from Amazon Pay, and some of these payments are also eligible for cashback and discounts, especially if you make a payment via the Wallet. Additionally, you can also check your credit score on Amazon Pay.
Amazon Pay also allows users to book flights, trains, buses, and hotels, and these features are powered by MakeMyTrip. The platform also allows users to buy insurance for vehicles, and these services are powered by Acko.
Amazon Pay later
Amazon Pay also allows users to buy now and pay later, even if they don’t have a credit card. Depending on the credit score, Amazon offers certain limits, which can be used to shop on Amazon, and one needs to repay the same within a stipulated time frame to prevent the attraction of interest and additional charges.