As per a report by Economic Times, popular e-commerce brand, Amazon and commercial banks such as Axis Bank and ICICI Bank have come up with new digital payment method. A few other reports suggest that Amazon has also partnered with a few Finance-Tech startups called Pine Labs and BillDesk to set a New Umbrella Entity. Pine Labs and BillDesk both are payment gateway companies. They will build a UPI-like digital payment method for India.
They are making a presentation before 26th February. 26th February is the deadline to submit bids for NUEs. The new method will reportedly aim at consumers, merchants, and small and medium businesses. Moreover, UPI is the most widespread mobile payment platform. UPI has recorded over 2 billion transactions in January 2021.
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