AmazonPay to Facilitate Loans & Insurance for Kirana Stores

eCommerce giant Amazon all set to enter micro-financial services, consequently, announces small loans and insurance for Kirana shopkeepers in India via Amazon Pay. Along with, Kirana shops the offline merchant partners would also be able to generate own QR Codes on Amazon Pay for Business App using  which they could receive customer payments.

Furthermore, Amazon India’s payments and financial services wing has claimed that they have managed to sign up nearly five million merchants on the Unified Payments Interface (UPI).

Mahendra Nerurkar, Amazon Pay India Director and Chief Executive say that Kiranas are the pivotal part of micro-financial services and the long tail of merchants. Thus, Amazon Pay wanted to extend its services. While Banks, financial institutions have been managing these services, Amazon Pay prefers to be enabler marketplace for these services.

Using Amazon Pay, the customers can mobile recharges, bill payments such as electricity, mobile postpaid, DTH recharge, credit card bill, gas cylinder, insurance premium, piped gas, landline, water bill, broadband, municipal tax, LIC Premium, Google Pay Recharge, as well as subscriptions. Amazon Pay also provides travel tickets on flights, bus and insurance on car and bike.

Furthermore, the customers could also avail gift cards, cashback vouchers using Amazon Pay. They could also make donations; Track EMI options, save debit and credit cards, and bank accounts.

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