Amazon Pay Eyes Micro-Financial Services, Announces to Facilitate Loan For Kirana Shop Keeper

Amazon Pay Eyes Micro-Financial Services, Announces to Facilitate Loan For Kirana Shop Keeper

Kirana shopkeepers in India will get small loans and insurance through Amazon Pay. Apart from the Kirana shops, offline merchant partners will also be able to generate own QR Codes on Amazon Pay for Business App through which they can receive customer payments, according to a report by Live Mint. 

Amazon India’s payments and financial services arm has claimed that they have managed to sign up close to five million merchants on the Unified Payments Interface (UPI), the Live Mint report says.

Kiranas form pivotal part of micro-financial services and long tail of merchants. Amazon Pay wanted to extend services. While Banks, financial institutions have been looking after these services, Amazon Pay wants to be enabler marketpklace for these services, Mahendra Nerurkar, Amazon Pay India Director and Chief Executive said. 

Amazon has been trying to venture into digital space in Kiranas.

Through Amazon Pay, you can mobile recharges, bill payments like electricity, DTH recharge, mobile postpaid, credit card bill, gas cylinder, insurance premium, piped gas, water bill, landline, broadband, municipal tax, LIC Premium, Google Pay Recharge, and subscriptions. Amazon Pay offers travel tickets on flights, bus and insurance on car and bike.

You can avail gift cards, vouchers, cashback using Amzon Pay. You can amek donations, check EMI options, save debit and credit cards, and bank accounts.