In a bid to offer Easy Monthly Installments (EMI) to its customers who do not have credit and debit cards, Amazon has introduced Amazon Pay EMI for its e-commerce customers in India.
This service is a part of Amazon Pay, a digital payments instrument.
Further, the firm is planning to enter the insurance space and wants to start selling insurance in India as a corporate agent. However, industry sources suggest that Amazon is yet to apply for a licence with IRDA (Insurance Regulatory and Development Authority of India).
For extending its lending segment, Amazon have partnered with Bengaluru based digital lending start-up Capital Float. The start-up is starting EMI options for purchases on its ecommerce platform exclusively for a select group of customers.
“Our aim is to target the next 70 million customers who are deprived of credit options while shopping on Amazon, they will be significantly benefitted by these easy EMI options especially with the festive season round the corner,” said Vikas Bansal, director, emerging payments at Amazon Pay.
He added that the size of online shopping in India is around 100 million, nearly 20 million have credit cards and rest 10 million use either Bajaj Finance or debit card EMIs. Amazon Pay EMI is targeting the next 70 million and the incremental customer base.
