American e-commerce giant Amazon is now offering deposit services to its customers through its payment app Amazon Pay India. The news was announced on Wednesday (September 8) that Amazon has tied up with Kuvera.in, an insurance company.
This collaboration between the two companies will help the users invest in mutual funds and other similar financial instruments. India is the second-largest growing internet market with 600 million users and counting, Kuvera will provide its services and assistance for amazon Pay customers to invest in Mutual Funds, Fixed Deposits, and more over time.
Founder and CEO of Kuvera.in, Gaurav Rastogi said, “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.”
Kuvera is registered under SEBI as an investment advisor and provide online financial solutions that are goal-based. “At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering,” Vikas Bansal, Director Amazon Pay India said.
Currently, the Indian baking system is under scrutiny. When Google Pay recently collaborated with Equitas Small Finance Bank, both companies were under scanner by the apex bank.