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The Indian digital payment landscape has witnessed remarkable advancements recently, particularly with the success of the Unified Payments Interface (UPI). Following this, the Reserve Bank of India (RBI) has announced the launch of the Unified Lending Interface (ULI). At the Global Fintech Fest (GFF), the National Payments Corporation of India (NPCI) introduced UPI Circle.
In a recent interview with *Outlook Business*, Vikas Bansal, CEO of Amazon Pay India, and Mayank Jain, Director of Credit and Lending, discussed the implications of these innovations for India’s fintech and digital payments ecosystem.
Q: NPCI recently launched UPI Circle. When can we expect Amazon Pay to implement this feature? Will there be any infrastructural changes needed for integration?
Vikas Bansal: This is a significant innovation that will further enhance UPI adoption. We are actively working on integrating UPI Circle. Initially, it will be rolled out within a closed user group, with plans to expand to the broader market later. This fits into our ongoing product development cycle. While I can’t provide a specific timeline yet, we are already in the production phase.
Q: Amazon Pay has reached 100 million customers on its UPI platform. How have you navigated a market dominated by a few major players?
Vikas Bansal: Our focus is on the long-term vision of making UPI payments more accessible and convenient for customers. This has guided our strategy, and we intend to continue in this direction for the next 5–10 years or more.
The UPI space is filled with opportunities for all players. Innovations such as credit on UPI, RuPay credit, offline payments, and delegate payments are essential drivers that will further expand the UPI ecosystem.
We always prioritize the customer’s perspective, identifying their challenges and finding unique solutions to enhance their payment experience.
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