Amazon Pay is hoping to offer new administrations on its business application and is as yet attempting to comprehend the item, market-fit for kirana stores.
According to a Live Mint report, Amazon will soon begin facilitating kirana shops with small loans and insurance through its Amazon Pay service.In addition, the “Amazon Pay for Business” app will allow offline merchant partners to create their own QR codes, according to the report.
The payments and financial services arm of the company claims to currently have signed up close to 5 million merchants.According to the report, the company intends to incorporate approximately one million offline kirana stores into its online platform by 2025 as part of its Local Shops program.
Mahendra Nerurkar, director and chief executive of Amazon Pay India, stated in an interview with Live Mint that the company is looking to offer new services on its business app and is still attempting to comprehend the product and market fit for its new offerings for kirana stores.Adding that digitizing cash and expanding its credit offerings would be the two main areas of expansion.
According to Nerurkar, the company decided to concentrate on digitizing cash and expanding its credit offerings because customers will be able to spend more with credit and the company will be able to offer more services to them in the future.
To assist kirana partners in managing and automating inventory, sending purchase orders, and managing billings, Amazon India recently purchased Perpule.
You may recall that Amazon Pay also launched a Smart Store last year, which allowed customers to explore all of the products that were in stock inside a store by scanning QR codes at offline stores.