Amazon Pay has tied up with investment platform Kuvera to provide wealth management services to its customers in India.
Mumbai. In the midst of the Corona epidemic, the use of digital payment is increasing in the country. At the same time, Amazon Pay India, a unit of the giant e-commerce company Amazon, has brought a new facility for its users, with the help of which users will be able to open Fixed Deposits. Actually, Amazon Pay has tied up with investment platform Kuvera to provide wealth management services to its customers in India.
However, a similar service launched by Amazon Pay’s rival digital payment app Google Pay is under the watch of the regulator RBI.
At present, the facility of mutual funds and FDs will be available on Amazon Pay, Amazon Pay India said in a statement on Wednesday that with this its customers will be able to invest in mutual funds and fixed deposits. However, it is not yet known in which banks the deposits of Amazon Pay customers will be deposited. Initially, Kuvera will offer mutual funds and FDs. Other products will be added over time.
Google Pay’s FD service under the supervision of RBI
Google Pay has tied up with Setu to provide FD facility to its customers. Initially Equitas Small Finance Bank FD facility is available on Google Pay. It is noteworthy that after the similar announcement of Google Pay, there have been reports that the Reserve Bank is eyeing the deal between the big technology company and the bank as it could have an impact on the broader financial landscape.
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