Amazon Pay bets on credit, turns to small towns

More than two-thirds of Amazon Pay’s transactions across UPI, wallet and credit now happen outside the Amazon ecosystem, and over 75% of its users come from Tier 2 and Tier 3 cities, CEO Vikas Bansal said. The company now wants to recasts itself as a broad financial platform and place its next bet on credit with a focus on small towns, he added.

The shift is not recent, he said, but the perception that Amazon Pay is mainly a way to check out on Amazon has stuck, and the company now wants to educate consumers otherwise. Amazon Pay is live with more than 10,000 online and offline merchants.