Amazon Pay Expands UPI Circle: Bill Payments, Subscriptions, Family Rewards
Amazon Pay is set to expand its UPI Circle service, adding bill payments and subscriptions, and extending its rewards system to family members. This follows the success of its 'Amazon Pay UPI for Family & Friends' feature, which allows primary users to manage payments for family members and trusted contacts from a single account.
Amazon Pay pioneered this concept in India, known locally as 'Family Accounts', 'Group Pay', or 'Managed Accounts'. While other fintech companies like Google Pay, Paytm, and PhonePe offer group transactions or shared wallets, Amazon Pay stands out with its centralised payment management system. Google Pay is reportedly testing 'Google Pay Family', but it's not yet widely available. Meanwhile, Revolut is planning to enter the Indian market with a prepaid wallet supporting UPI and international VISA cards, aiming to onboard 2 crore customers by 2030.
In other developments, BharatPeX launched an AI-led service, BharatPeX.AI, providing 24/7 AI assistance. BharatPe also introduced BharatPeX, a payment aggregator and gateway for businesses. Navi UPI launched biometric authentication at the Global Fintech Festival, allowing transactions using phone fingerprint or face recognition. PhonePe introduced SmartPOD, a soundbox integrating card payments with UPI solutions for small merchants. Rewards-based payment startup TWID launched its UPI app, enabling users to make purchases using accumulated reward points.
Amazon Pay's expansion of UPI Circle to include bill payments and subscriptions, along with its extension to family members, is set to enhance its offerings in the Indian market. Meanwhile, the entry of Revolut and other innovations from BharatPe, Navi UPI, PhonePe, and TWID continue to shape the evolving fintech landscape in India.
