60% of Amazon India’s Transactions Made Through Digital Payments

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Latest Startup News- Entrepreneurs of India

A year after demonetization, ecommerce giant Amazon India said digital payments account for 60% of its transactions. Last year, the company saw a surge in customers who relied on digital platforms to make payments.

According to Amazon, a majority of customers used Amazon Pay wallet to carry out transactions. 48% of the company’s customers now use the wallet as they are given massive incentives.

“We are now seeing 60% of transactions being done through online payment methods, across cards, net banking and use of Amazon Pay balance. Even in the remaining offline transactions, many customers are opting for our pay link options as well as PoS (point-of-sale) devices and cash reloads to the wallet,” said Amazon Pay CEO Mahendra Nerurkar.

A lot of customers started using digital platforms to make payments since demonetization. Moreover, the government has been in forefront to promote digital transactions across India as they are safer and transparent. This helped ecommerce platforms launch their exclusive digital wallet services to customers.

Amazon is also offering its wallet service across many third party apps. The company have partnership with BookMyShow, RedBus, Yatra and Haptik to suit the need of customers. 

“In contrast to our US customers, who mainly use Amazon payments for other e-commerce purchases, in India, customers are largely using Amazon Pay for bill payments, mobile recharges and for movies and food,” added Nerurkar.

According to Amazon, the third party partnerships bring revenue through transaction fees. 

 

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