The ecommerce giant plans to establish a neobanking platform in India, a global first adding a crucial layer to its fintech ambitions in the country
March 03, 2021
8 Min Read
Amazon is preparing to expand its array of financial services in India with a digital banking platform that could help secure its sellers more firmly to its online marketplace.
Its neobank—or digital bank, a fintech innovation beginning to gather steam in India—will allow its sellers to open current accounts and term deposits, accept payments, and process payouts through its banking partners, said two people aware of Amazon’s plans for India.
It would also allow Amazon to offer smoother credit flow at better interest rates to its sellers so they can scale up their businesses faster.
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