Posted on Sep 30, 2021 at 6:51 amUpdated on September 30, 2021 at 7:09 am
How far will the foray of the tech giants into finance go? India offers the beginning of an answer to this question that haunts bankers and insurers around the world. One after another, the Internet giants attract there. In early September, it was Amazon Pay’s turn. The e-commerce champion announced that it has partnered with the Indian investment platform Kuvera to be able to offer, through its mobile payment application, mutual funds and term accounts.
A few days earlier, Google Pay announced its partnership with an Indian bank, Equitas Small Finance Bank, to also launch term deposit. From the app, users can now open an account, paid up to 6.25% for a year. Amazon Pay and Google Pay thus complete its range of financial products. In India, the two giants already offered loans or insurance through their payment application.