Amazon shares optimism for Indian market at Amazon Smbhav event
Amazon is optimistic about its future in India in the coming years and has registered five million merchants through its Amazon Pay payments unit as it continues to digitise small businesses in the country.
“Since 2019, we have registered five million merchants through Amazon Pay and gotten 40 million customers through our service to use UPI,” said Amazon’s senior vice president Russell Grandinetti at the recent Amazon Smbhav event, the Press Trust of India reported.
“We're obviously not alone and the more companies like Amazon, and our competitors all help, the flywheel spins faster… And now when we look to the future, we want to help Indian businesses get bigger...I'm very optimistic about the coming years for India, I'm very optimistic about what we can accomplish, building on this foundation.”
Merchants who previously only accepted cash payments are now accepting payments through Amazon Pay's QR Code, which is aiding the process of bringing them into the organised section of the market and enabling them to reach more customers. The business plans to remain focused on aiding small and medium businesses in India to start using digital payments, it said at the event which concluded on Sunday.
“We have built and scaled our digital payment acceptance for SMBs using UPI that is inarguably one of the world's biggest digital payments platforms and look forward to creating more products that transform the way India pays,” said Amazon Pay India’s CEO, Mahendra Nerurkar, at the event.
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