As part of Amazon India’s drive to digitally empower small and medium-sized businesses (SMEs), Amazon Pay has announced that it has provided more than 85 lakh+ offline small business owners and entrepreneurs with its digital payment infrastructure.
These merchants used to trade mostly cash for business activities; now, they accept payments from their customers using the Amazon Pay QR code. In addition, initiatives such as the Amazon Pay for Business app, voice notification feature, and easy availability of working capital loans have enabled micro-enterprises and merchants to have a convenient digital journey.
Mahendra Nerurkar, CEO & VP of Amazon Pay India, said: “SMEs are the backbone of India’s economic growth. This milestone is a testimony of the confidence that the 85 lakh+ SMEs of India have in us, and we are really humbled. We aim to empower offline merchants, give them opportunities to grow their business, and improve their payment experience among multiple other touchpoints, accelerating their digital journey. We will remain focused on advancing holistic initiatives, transforming the way India pays, and further catalyzing the payment acceptance ecosystem for SMEs.”
Amazon Pay has enabled a diverse ensemble of small merchants and entrepreneurs in its journey to bridge the digital divide between India and Bharat. Out of the 85 lakh+ SMEs, more than 40 lack retail and shopping centers such as kirana stores and general stores; more than 13 lakh food and beverage outlets such as restaurants, small eateries, and fast food chains; about 30 lakh services providers such as salons, mobile recharge, internet cafe, health and medical care, travel and transportation, education services, shop owners comprising of various categories and more.
Sai, the owner of Sai Apollo Medical Store, Andhra Pradesh, shares some benefits of using Amazon Pay: “The service gets faster, and we have fewer problems when using Amazon Pay. The platform makes it so much easier to complete transactions. Since my competitors do not offer the option of digital payment, customers prefer to buy from me, which has benefited my business enormously.”
“With digital transaction services like Amazon Pay, the average store owner like me finds it easy to keep customer accounts under control. Back in the day, when cash was more prevalent, we often found it challenging to display the day’s finances in our bank accounts – because several small change microtransactions would cloud the amount available,” said Pawan, who runs a food store. In Barasat, West Bengal.
“Now we perform more than 25-30 transactions per day using Amazon Pay. Every shop owner in the area is switching to digital payment. Easy access to UPI-based transactions solved the problem we faced before,” he added.