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Amazon Pay Later has crossed 10 million users in India, as Amazon Pay looks to expand its digital credit business beyond consumer purchases and into the small-business segment.
Amazon Pay India CEO Vikas Bansal said the company plans to use its digital credit capabilitiesto serve both consumers and micro, small and medium enterprises (MSMEs). The company acquired digital lending platform Axio to strengthen its ability to provide credit at scale.
Amazon Pay is positioning its services around a “smart wallet” that combines multiple payment options with access to credit. The company said its focus is on increasing adoption of the wallet rather than competing solely on UPI transaction volumes.
Amazon Pay is also looking to expand credit services for small businesses. Bansal said the company sees an opportunity to provide digital credit to MSMEs, including businesses operating outside Amazon’s own shopping platform.
The company has partnered with Kotak Mahindra Bank on a credit card aimed at small-business owners. According to Bansal, the offering is designed to address working-capital requirements and provides eligible Business Prime members with up to 48 days of interest-free credit.
Amazon said around 70% of small businesses on its Amazon Business platform are sole proprietors. The company sees digital tools and access to formal credit as areas where these businesses could benefit from easier financing and business purchases.
The expansion comes as Amazon Pay adopts a broader approach to digital payments and financial services in India. The company has introduced features including biometric payments and tap and pay, while continuing to operate across online merchants, offline transactions and UPI.
Bansal said the company sees digital credit as a major opportunity, particularly among consumers who are new to formal credit and small businesses looking for easier access to financing.
Amazon Pay Later's 10-million-plus user base gives the company an established customer base as it expands its credit offerings. The next phase will focus on increasing the use of digital credit across consumers and businesses while strengthening Amazon Pay's broader payments ecosystem.
Amazon Pay India CEO Vikas Bansal said the company plans to use its digital credit capabilitiesto serve both consumers and micro, small and medium enterprises (MSMEs). The company acquired digital lending platform Axio to strengthen its ability to provide credit at scale.
Amazon Pay is positioning its services around a “smart wallet” that combines multiple payment options with access to credit. The company said its focus is on increasing adoption of the wallet rather than competing solely on UPI transaction volumes.
Amazon Pay is also looking to expand credit services for small businesses. Bansal said the company sees an opportunity to provide digital credit to MSMEs, including businesses operating outside Amazon’s own shopping platform.
The company has partnered with Kotak Mahindra Bank on a credit card aimed at small-business owners. According to Bansal, the offering is designed to address working-capital requirements and provides eligible Business Prime members with up to 48 days of interest-free credit.
Amazon said around 70% of small businesses on its Amazon Business platform are sole proprietors. The company sees digital tools and access to formal credit as areas where these businesses could benefit from easier financing and business purchases.
The expansion comes as Amazon Pay adopts a broader approach to digital payments and financial services in India. The company has introduced features including biometric payments and tap and pay, while continuing to operate across online merchants, offline transactions and UPI.
Bansal said the company sees digital credit as a major opportunity, particularly among consumers who are new to formal credit and small businesses looking for easier access to financing.
Amazon Pay Later's 10-million-plus user base gives the company an established customer base as it expands its credit offerings. The next phase will focus on increasing the use of digital credit across consumers and businesses while strengthening Amazon Pay's broader payments ecosystem.
