According to a report, Amazon via its Amazon Pay service will soon initiate facilitating insurance and small loans for kirana shops. 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.
Amazon claims to currently have signed up close to 5 million merchants under its payments and financial services arm. Now the company is planning to bring around a million offline kirana stores on to its online platform by 2025.
Mahendra Nerurkar, Director and Chief Executive, Amazon Pay India, 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.
Nerurkar further 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.