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Monday, December 11, 2023

Amazon Convinces 50 Lakh Merchants To Use Amazon Pay; New App Launched For Payments

On Saturday, the fintech arm of Amazon India, Amazon Pay revealed that it has on boarded close to 5 million merchants across its various payment solutions.

Also in order to simplify payment needs of small and medium enterprises, it announced the launch of the new ‘Amazon Pay for Business’ app.

Amazon Pay for Business : New App For Payments
The app, which is currently available on Android, shall allow businesses to register themselves and start accepting digital payments by generating a unique quick response (QR) code on the app.

In order to make a payment to these businesses, all customers have to do is use any unified payment interface (UPI)-based app to scan the Amazon QR code.

Mahendra Nerurkar, CEO, Amazon Pay India said that the app shall further catalyse adoption of digital payments and enable merchants to enter the digital ecosystem in minutes. Looking forward to create more products that transform the way our country makes payments, Nerurkar said their team has built and scaled our digital payment acceptance for SMBs using UPI that is inarguably one of the world’s biggest digital payments platform.

50 Lakhs Merchants Across Various Payment Solutions
The company said, 2.5 million out of 5 million merchants operate retail and shopping outlets such as kirana stores. It said that 1.9 million merchants on Amazon Pay operate food and beverage outlets such as restaurants, small eateries, along with salons, and medical care establishments.

According to the regulatory filings, Amazon in order to bolster its play in the kirana-tech space, had acquired retail tech startup Perpule in an all cash-deal of ?107.6 crore.

Amazon is looking forward to deploy Perpule’s ‘UltraPoS’ solution. This will help small businesses to digitally manage and automate inventory, purchase orders from distributors.

Amazon India, earlier this week also said that through its ‘Local Shops’ programme aimed to help local stores gain an online foothold, it will sign up 1 million offline retailers and neighbourhood stores by 2025

Neha Rajhttps://imp.news
Neha uses his broad range of knowledge to help explain the latest gadgets and if they’re a must-buy or a fad fueled by hype. Though her specialty is writing about everything going on in the world of virtual reality and augmented reality.
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