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The payments and financial services arm of Amazon has claimed to have signed up almost 5 million merchants on unified payments interface (UPI).
According to Mint, Amazon Pay has plans to facilitate small loans and insurance for kirana shops and allow offline merchant partners to generate their own QR codes using the ‘Amazon Pay for Business’ app to receive customer payments.
Besides, the company plans to bring 1 million offline retailers and neighbourhood stores on its platform by 2025 through its ‘Local Shops’ programme, aimed to help local stores gain an online foothold.
The initiative comes as Amazon Pay launched its ‘Smart Store’ in 2020, which allows users to scan QR codes at offline shops and begin exploring products.
Consequently, the company is figuring ways to also help these merchants get a stronger online foothold on the Amazon marketplace, Mint stated.
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