Amazon Pay set to help customers book deposits
Amazon Pay India, the American e-commerce major’s payments app, is set to offer deposit booking services to its customers even as rival Google Pay’s similar facility has invited regulatory attention within days of its launch.
Amazon Pay India on Wednesday announced a tie-up with investment platform Kuvera.in through which the former’s customers will be able to invest in mutual funds and fixed deposits, a statement said.
“Kuvera will provide its services, products and technology know how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more over time,” it said.
Google Pay has tied up with Equitas Small Finance Bank to allow its users to book deposits. Details surrounding the banks where Amazon Pay customers’ deposits will be made were not immediately known.
After the Google Pay announcement, there have been reports that the deal between the big tech company and the bank is under the RBI’s watch for its implication on the broader financial landscape.
In the past, the RBI had made it clear that it was wary of Big Tech firms like Google, Amazon, Facebook, Apple and Microsoft, and flagged it as among the risk factors for financial stability in the half-yearly Financial Stability Report released in July.
“At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving the payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering,” Amazon Pay India’s director Vikas Bansal was quoted as saying in the statement.