Amazon Pay India, the payment processing platform of American e-commerce giant, Amazon, on Wednesday, 8 September, announced its partnership with investment platform Kuvera.in.
This partnership allows Amazon Pay India customers to invest in mutual funds and fixed deposits. "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," reads the official statement, as quoted by news agency PTI.
It further added that, out of 600 million internet users in India, 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,” said Gaurav Rastogi, Founder & CEO, Kuvera.in.
A similar service was recently launched by Google Pay in partnership with Equitas Small Finance Bank, which allows its users to book deposits. However, as per a report by PTI, the deal has invited RBI's regulatory attention.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)