Users can now pay with UPI owing to a partnership between Yes Bank and Amazon Pay, and AWS. Because of its connection with PhonePe, Yes Bank had a market share of roughly 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business in FY21.
The integration with Amazon Pay will allow the US e-commerce behemoth to issue UPI IDs with the @yapl handle, despite being a late entrant to the payment industry. With its payment processing technology housed on AWS, the partnership will help Yes Bank extend its position in UPI.
This agreement, which is based on a multi-bank approach, allows Yes Bank to acquire merchants using the Amazon Pay platform, expanding its existing merchant network.
The private lender claims to have built a cloud-native UPI processing technology to accommodate the high volume of transactions seen during peak seasons such as 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. Amazon Pay wants to extend its digital payment network by making it more attractive for users, according to Mahendra Nerurkar, CEO and VP. “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.