Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe Log In

Amazon partners with Indian government on digital payments

Amazon’s digital wallet service, Amazon Pay, will allow users to make small transactions to pay for utility bills, insurance payments, education fees and local transit.

Last year, Amazon invested $10.5 million in its distribution reach in Asia, with a big focus on the Indian market. The e-commerce giant’s big move in digital payments in partnership with government agencies will expand Amazon Pay beyond the online market and convenience services, like food delivery.

Last year’s demonetization push in India has spurred growth among digital payment providers, including MobiKwik and Alibaba-backed Paytm, which is launching a digital bank. Hundreds of millions of India’s 1.2 billion citizens lack access to financial services.

Digital payments and banking in India is “about new customers [and] showing that there’s a business model based on transactions, not just wealth management,” says Paytm’s Vijay Shekhar Sharma.

You might also like...