large scale image
LCP Image

Back to TSCFM News

Amazon Pay partners looks to expand bank, card network partners

October 03, 2023

Amazon Pay partners looks to expand bank, card network partners
Amazon Pay, the digital payments arm of Amazon, will look to partner with more banks and card networks in the coming days as it attempts to grow its credit products for consumers and small businesses, a senior official said on Wednesday.

“We always continue to look at trends and customer problems,” said Vikas Bansal, whole-time director, Amazon Pay. “We are absolutely interested in expanding our partnerships with banks and networks as we have it for all our offerings,” he said when asked if the company was looking at introducing a RuPay variant of its Amazon Pay-ICICI Bank credit card.
 
At over 4.2 million, the Amazon Pay-ICICI Bank credit card accounted for about 28% of the bank’s entire credit card user base as of 30 June. Launched in October 2018, the co-branded credit card is available on Visa.
 
“We have an offering for consumers and there is also strong interest in credit cards among small businesses,” Bansal said.
 
In June 2022 the Reserve Bank of India (RBI) approved the use of Rupay credit cards on the Unified Payments Interface (UPI), a facility rival card networks don’t have. This is expected to boost the use of RuPay cards.
Important Links:

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices
Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices
Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp