Digital Payments Amazon Pay making significant inroads into small & medium businesses in India
Kolkata/IBNS: Amazon Pay has made significant inroads in the digital payments infrastructure in the small & medium businesses (SMBs) sector in India, according to the company.
Over 50 lakh neighborhood stores & businesses use its digital payments infrastructure, with close to 4 lakh SMBs using it in Kolkata, it said.
These SMBs, most of whom earlier transacted only in cash, now accept payments from their customers using Amazon Pay’s QR Code.
The figures were revealed by Amazon’s Senior Vice President, Russell Grandinetti, in conversation with Nandan Nilekani during the session ‘innovating for a better India’ at Amazon Smbhav.
According to the company, the 50 lakh SMBs constitute a diverse set of merchants and entrepreneurs.
More than 25 lakh operate retail & shopping outlets such as kirana stores, about 10 lakh operate food & beverage outlets such as restaurants & small eateries, over 5 lakh offer services such as salons, close to 4 lakh offer health & medical care while the remaining consist of vocations such as taxi drivers, auto drivers, plumbers and more.
Amazon Pay has also launched the “Amazon Pay For Business” mobile app to simplify accepting digital payments for SMBs.
Currently available on Android, the app can be used by businesses across the country to register themselves, generate a unique QR code and start accepting digital payments.
Customers can use any UPI app to scan the Amazon QR code and make a payment to these businesses.
Mahendra Nerurkar, CEO, Amazon Pay India who moderated the session said “We have built and scaled our digital payment acceptance for SMBs using UPI that is inarguably one of the world’s biggest digital payments platform and look forward to creating more products that transform the way India pays.”
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
