Amazon Pay to soon start facilitating small loans and insurance for kirana shops
Amazon Pay is looking to offer new services on its business app and is still trying to understand the product, market-fit for kirana stores.
Amazon via its Amazon Pay service will soon start facilitating small loans and insurance for kirana shops according to a report by Live Mint. Apart from this, the report also reveals that offline merchant partners will also be able to generate their own QR codes using the ‘Amazon Pay for Business’ app. Also Read – Amazon School from Home store live in India: What’s new
The company claims to currently have signed up close to 5 million merchants under its payments and financial services arm. Now the company according to the report is planning to bring around a million offline kirana stores on to its online platform by 2025 under its Local Shops programme. Also Read – Amazon Fire TV Cube (2nd Gen) launched in India: It comes with Alexa integration
During an interview with Live Mint, Amazon Pay India director and chief executive, Mahendra Nerurkar said, that the company is looking to offer new services on its business app and is still trying to understand the product, market-fit for its new offerings for kirana stores. Further stating that the two big areas of expansion would be the digitizing of cash and scaling its credit offering. Also Read – Amazon investigated by ED for silently acquiring Future Retail: Report
Nerurkar stated the reason behind it focusing on two digitizing of cash and scaling its credit offering, is because the credit will allow the customers to consume more and the digitization of cash will allow the company to offer the customers more services at a later point.
Amazon India recently even acquired Perpule to help kirana partners manage and automate inventory, send purchase orders and manage billings.
To recall, Amazon Pay last year also launched a Smart Store, which allowed users to scan QR codes at offline shops and explore all the products that are in inventory inside the shop.