Amazon woos consumers with insurance & gold products. Makes India centre of fintech push


Amazon.com Inc has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme in a battleground growth market.The push ramps up competition as financial technology (fintech) rivals and their deep-pocketed foreign backers struggle for profitability in a predominantly cash-based economy where about 190 mn adults do not have bank accounts.


The company aspires to make Amazon Pay the country's payment method of choice, said Mahendra Nerurkar, head of Amazon Pay in India, which has signed up 4 mn merchants. "Apparently Chinese fashion designers are leaving the back pockets off jeans because no one uses them anymore (for wallets)," Nerurkar told Reuters. "We would love to make that happen in India."

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