Amazon Pay To Offer Small Loans & Insurance to Kirana Shop Owners

COVID-19 and the business lockdown like situation have made life of small traders and retailers very challenging. After the previous year's complete shutdown, things have started coming back to normal but the second wave have made the entire nation again go crazy. In such a situation, Amazon India being an e-commerce major, have come forward and announced a series of initiatives that can directly provide support to small businesses, traders, startups. In the latest announcement, Amazon Pay have unleashed it's offering for Kirana shopkeepers in India.

The Kirana Shop owners will get small loans and insurance through Amazon Pay. Apart from the Kirana shops, offline merchant partners will also be able to generate own QR Codes on Amazon Pay for Business App through which they can receive customer payments.

Amazon India’s payments and financial services arm has claimed that they have managed to sign up close to five million merchants on the Unified Payments Interface (UPI).

Kiranas form pivotal part of micro-financial services and long tail of merchants. Amazon Pay wanted to extend services. While Banks, financial institutions have been looking after these services, Amazon Pay wants to be enabler marketplace for these services, Mahendra Nerurkar, Amazon Pay India Director and Chief Executive said.

Through Amazon Pay, you can mobile recharges, bill payments like electricity, DTH recharge, mobile postpaid, credit card bill, gas cylinder, insurance premium, piped gas, water bill, landline, broadband, municipal tax, LIC Premium, Google Pay Recharge, and subscriptions. Amazon Pay offers travel tickets on flights, bus and insurance on car and bike.