Amazon Pay has introduced UPI Circle, a family payment solution, and expanded its payment services to smart devices at the Global Fintech Festival.
Under UPI Circle, primary account holders can securely add family members to their payment network with either a one-time approval or on-the-go authorization for transactions. This feature was unveiled during the festival.
Family payments on smartwatches
In partnership with NPCI, Amazon Pay now provides secure payment features for smartwatches and wearables through biometric authentication and device-level encryption. This move aims to extend digital transactions beyond smartphones.
UPI users can add family members or trusted contacts who will have their own UPI IDs or QR codes for instant payments, without needing a separate bank account. These family members can receive approved funds from primary holders, and payments are secured with additional biometric authentication.
The primary holder maintains full control over the payments, including reviewing requests, setting spending limits, tracking expenses, and accessing detailed payment records. UPI Circle is seen as a significant step towards inclusive digital payments due to its security features addressing the increasing need for family-managed transactions.
The solution supports various payment scenarios with both one-time and transaction-by-transaction approval mechanisms, including sending money, store payments, online merchant transactions, and Amazon shopping. Future updates will incorporate bill payments and subscriptions, benefiting digitally savvy household managers and young users without individual banking access.
UPI Circle further integrates Amazon Pay’s rewards program for families, allowing members to earn personalized shopping incentives on every transaction. Reaching monthly targets could result in 5% assured cashback across various categories. This initiative aligns with Amazon Pay’s goal of simplifying and personalizing payments while supporting NPCI’s objective to enhance digital payment usage in India.
