Amazon India Marking its Fifth Anniversary Loads Customers E-WalletSci-Tech

June 07, 2018 12:46
Amazon India Marking its Fifth Anniversary Loads Customers E-Wallet

(Image source from: Livemint)

Amazon India, an electronic commerce company is crediting their customer's digital wallets in India as it seeks to intensify the moat against global competitors, Alibaba and Walmart.

Alibaba and Walmart are one of the world's dynamic markets for online commerce.

Amazon founder Jeff Bezos, in the mark of fifth anniversary of its launch in India on June 5 offered a cashback of Rs 250 in customer wallets, who shopped online for goods worth Rs 1,000 through any digital mode.

The American e-commerce company recorded a growth of 126 per cent in transactions and 68 per cent growth in unique users in its Indian payments business in 2017, according to a senior company executive.

"The mobile pre-paid recharges are pulling in the highest number of new customers," India head Amit Agarwal told in an earlier interview with a media source. Digital payments account for over 60% of the company’s transactions in India. Also, the largest set of new customers are those who have used the mobile recharge feature, which was launched in India last August.

Since 2016, America has invested Rs 700 crore in its digital payment business. It further looks to push the digital wallet beyond its own marketplace to else online merchants to bring in new innovations.

"Cashback has become the mantra to acquire more customers," said Vivek Belgavi, partner and leader for fintech at PwC India. "For Amazon, payments seems to have high fidelity to its core e-commerce business, where Amazon wants to ensure better payment experience and reduce friction and failures."

By Sowmya Sangam

If you enjoyed this Post, Sign up for Newsletter

(And get daily dose of political, entertainment news straight to your inbox)

Rate This Article
(0 votes)