Amazon Pay To Double Down On Insurance With New Offerings
With an eye on expanding its financial services offerings, Amazon Pay is now reportedly doubling down on insurance in India. …
Amazon Pay is expanding its insurance offerings in India, according to Amazon Pay India CEO Vikas Bansal. The company plans to introduce travel insurance and other products to further evolve from a payments processor to a broader financial service platform. This move comes shortly after Amazon Pay partnered with HDFC ERGO to enter the health insurance market.
Health insurance is a key area for expansion, as a small percentage of Indians have personal health insurance. Amazon first entered the insurance distribution business in 2020 through a partnership with ACKO General Insurance for car and two-wheeler insurance. Since then, they have onboarded HDFC ERGO and ICICI Lombard for vehicle insurance.
Amazon Pay's insurance push is part of a broader strategy to build a comprehensive financial services stack in India, including money transfer, bill payments, mutual fund investments, and digital gold purchases. The fintech platform has also recently partnered with Kotak Mahindra Bank to launch a co-branded credit card for small businesses on Amazon Business.
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