The American e-commerce giant payment app Amazon Pay India is ready to offer deposit services to its customers. Amazon Pay announced on Wednesday that its payment app has tied up with Kuvera.in. Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007, Amazon Pay uses the consumer base of Amazon.com. Through this collaboration, the customers of Amazon Pay would be able to invest in mutual funds and similar avenues like this. Just like Amazon Pay, its rival Google Pay has also collaborated with Equitas Small Finance Bank for allowing its users to book deposits. However, more clarity and information is awaited on Amazon’s move.
Kuvera will provide its services, products and technology know-how to create an exclusive experience for Amazon Pay’s users to facilitate investments into Mutual Funds, Fixed Deposits, and more over time. At 600 million users and growing, India is the second largest internet market globally. However only 30 – 40 million users have access to quality investment products.
“We have built the most feature rich and transformative investing platform with a history of firsts for investors. Through this arrangement with Amazon Pay India, we seek to add value to the investors journey. Our goal is to accelerate the democratisation of investing and wealth management in India.” Gaurav Rastogi, Founder and CEO of Kuvera.in said.
Kuvera is SEBI Registered Investment Advisor that provides online personal financial services and has pioneered goal based, direct plan mutual fund investing for Indians. It uses technology to help users make smart decisions and navigate the nuances of personal finance. It has over Rs. 28,000 Crores in assets; it enables investments, loans and remittances.
“At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering,” Vikas Bansal, Director Amazon Pay India said
Amid the rising collaborations between fintechs, and a vast range of offers that are put in front of all segment of customers, what remains to be seen whether RBI will give a thumbs up to these kinds of offering where tech-giants are trying to make inroads to retail segment and are dealing with the deposits of retail customers. However, many media reports have spoken about the apex bank’s discomfort with the idea that tech giants can get linked with retail deposits, which is a tightly regulated and sensitive area for the banking regulator. Alokik Advani, managing partner, Fidelity International Strategic Ventures, an early investor into Kuvera said, “We believe that through this association between Amazon Pay and Kuvera, Kuvera can bring best in class saving and investing products to a much wider base of users across the country.” Few days back, when Google Pay tied up with Equitas Small Finance Bank, it came under the scanner of the apex bank and the RBI is yet undecided about its stance, and is carefully monitoring how this alliance and this phenomenon of Indian banking system.