Amazon, WhatsApp haven’t done justice to UPI: Sachin Bansal
The Unified Payments Interface (UPI) has revolutionized the way Indians make digital payments, with the National Payments Corporation of India (NPCI) reporting a record 1.35 billion transactions in October 2020 alone. However, despite UPI’s widespread adoption, not everyone is pleased with the way some of the biggest players in the fintech ecosystem have implemented the technology.
Navi Founder Sachin Bansal, a pioneer in India’s fintech industry, has expressed his disappointment with the approach of WhatsApp and Amazon to UPI. In an interview with Moneycontrol, Bansal stated that both companies have “spent money” on UPI but haven’t done justice to the technology.
“What they have done is, they have given a UPI-based payment solution, but it’s not easy to find UPI on WhatsApp and it’s impossible to figure out where to use it on Amazon,” Bansal said.
Bansal’s comments are a scathing critique of the way WhatsApp Pay and Amazon Pay have implemented UPI. While both companies have integrated UPI into their platforms, the user experience is often frustrating and confusing.
One of the main issues with WhatsApp Pay is that it’s not easily accessible. To use UPI on WhatsApp, users need to enable the payment feature by going to the settings, then select the bank account they want to associate with the payment feature, and then select the recipient’s phone number. This process is often cumbersome and may deter users from using the feature.
Amazon Pay, on the other hand, has made it difficult for users to find the UPI option on its platform. Once users are logged in to their Amazon account, they need to navigate to the “Pay” section, then select the “UPI” option, and then select the bank account they want to use for the payment. This process is time-consuming and may not be user-friendly for everyone.
Bansal’s comments are not just limited to the user experience. He also believes that both WhatsApp and Amazon have not leveraged the full potential of UPI.
“UPI is a very powerful technology, but it’s not being used to its full potential,” Bansal said. “If you look at the transactions, it’s still a big chunk of cash transactions. UPI can do so much more. It can do instant settlements, it can do micro-payments, it can do so many things.”
Bansal’s criticism of WhatsApp Pay and Amazon Pay is not without merit. While both companies have made significant investments in their UPI-based payment solutions, they have not been able to make a significant impact in India’s fintech ecosystem.
According to a report by ResearchAndMarkets.com, the Indian fintech market is expected to reach $150 billion by 2025, driven by the growing adoption of digital payments. However, despite the growth potential, WhatsApp Pay and Amazon Pay have not been able to capture a significant share of the market.
One of the main reasons for this is the lack of a seamless user experience. While both companies have integrated UPI into their platforms, the user experience is often frustrating and confusing. This may deter users from using the features, which could impact the companies’ ability to grow their user base.
In addition to the user experience, Bansal also believes that WhatsApp Pay and Amazon Pay have not been able to leverage the full potential of UPI because they are not focusing on the needs of local businesses.
“UPI is very important for the small and medium-sized businesses, but WhatsApp Pay and Amazon Pay are not focusing on that,” Bansal said. “They are focusing on their own solutions, their own ecosystems. They are not thinking about how they can help the small and medium-sized businesses.”
Bansal’s comments are a wake-up call for WhatsApp Pay and Amazon Pay. While both companies have made significant investments in their UPI-based payment solutions, they need to focus on providing a seamless user experience and leveraging the full potential of UPI.
In conclusion, Sachin Bansal’s comments are a scathing critique of the way WhatsApp Pay and Amazon Pay have implemented UPI. While both companies have integrated UPI into their platforms, the user experience is often frustrating and confusing, and they have not been able to leverage the full potential of UPI. To grow their user base and make a significant impact in India’s fintech ecosystem, WhatsApp Pay and Amazon Pay need to focus on providing a seamless user experience and leveraging the full potential of UPI.
Source:
