Amazon India is entering into insurance and credit business through Amazon Pay, the payments arm of e-commerce giant Amazon India.
Key details of Amazon India insurance and credit business
- Amazon India has partnered with Acko General Insurance Ltd to offer auto insurance for two-wheelers and four-wheelers.
- Customers can get a quote for their cars or two-wheelers on Amazon Pay by providing necessary details.
- Amazon Pay said insurance claims would involve zero paperwork, one-hour pick-up, three-day assured claim servicing.
- Amazon Prime members get extra benefits, including additional discounts on premiums on their insurance category.
- Amazon India has been providing Covid-19 health insurance to all its sellers in the country.
- Amazon India is trying to expand its presence in financial services in India.
- Amazon Pay is competing aggressively with other digital payment providers such as PhonePe, Paytm, and Google Pay.
- Earlier this year, Amazon launched ‘Amazon Pay Later’ .where instant credit line is provided to the customer to pay later.
- In the last year, many competitors of Amazon Pay, including Paytm and Flipkart-owned PhonePe, have entered the insurance business.
- The market in India that Amazon Pay is tapping is enormous.
- Indian digital payments space expect to reach $1 trillion by 2023
According to Mahendra Nerurkar (Director & CEO, Amazon Pay India), “Right now, 90 percent of payments in this country are still cash; We are just scratching the surface.”
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