Payments space major, Amazon Pay is looking to partner with more banks to expand its suite of credit products for customers and merchants, Vikas Bansal, whole-time director at the company, said at a press conference here on Wednesday.
“We are absolutely interested to expand our partnerships with banks and networks as we have it for all our offerings,” Bansal said.
Amazon Pay has partnered with State Bank of India wherein the lender’s customers will receive different offers on both credit card and debit card transactions.
It also has a co-branded credit card in partnership with ICICI Bank through which it offers up to 5% cashback and rewards for Amazon prime members, and 3% cashback for non-prime members, and no-cost EMI for up to six months.
Amazon Pay is currently also debating whether it should build a separate application, which would be independent from Amazon shopping application, he said.
“It is something we absolutely debate internally, as a strategy we chose to be part of Amazon because customers are already visiting it and they can actually start accessing it. At the same time when you have separate app it gives you a more lightweight experience for the customer to get set up,” he said, adding that the company is going to run experiments to ascertain which is the best strategy for growth.
In an interview with FE earlier this month, Bansal had said that Amazon Pay will double down on the use cases of Unified Payments Interface and and will soon introduce an option to link RuPay credit cards to Amazon Pay UPI. Amazon Pay enabled 54.02 million transactions amounting to Rs 5,837 crore in the month of August.
“…UPI payments via RuPay credit cards is coming soon on Amazon Pay and we are very excited about credit on UPI, we already do wallet on UPI, so we are doubling down on UPI for sure,” Bansal said.
