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Amazon Pay’s India Festive Offers Surge with Expanded Credit Card Partnerships

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Amazon Pay, the online payments processing service of Amazon, has announced exclusive festive season offers for State Bank of India (SBI) debit and credit cardholders. The partnership aims to cater to over 30 crore Indian customers, including Rupay cardholders. Amazon Pay offers various payment products, such as Amazon Pay UPI, Amazon Pay Wallet, Amazon Pay Later, and the Amazon Pay ICICI co-branded credit card. Within the Amazon ecosystem, it is reported that it is faster and more convenient to pay using an Amazon Payment Product.

In addition to the SBI partnership, Amazon is planning to expand its credit card offerings by collaborating with more banks. The company already offers a co-branded credit card with ICICI Bank, and Vikas Bansal, whole-time director at Amazon Pay, states that they see significant growth potential in this segment and will consider partnering with more banks and networks. Small businesses also show a strong interest in owning a credit card, with 50% of sales in Maharashtra being made using credit avenues. The usage of Amazon’s pay later option has grown by 50% in 2023 compared to last year.

Amazon’s survey findings indicate positive customer sentiment ahead of the festive season, with over 80% of respondents intending to shop and more than half planning to increase their spending. Furthermore, 80% of Amazon Pay ICICI Credit Card holders in Maharashtra have used their cards at least once in 2023. With Amazon’s strong position in the Broadline Retail industry and its recent price uptick, its expansion plans in the credit card segment seem promising.

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