Home >Companies >News >After Google Pay, Amazon Pay to allow users to open fixed deposits. Details here

Just days after Google Pay announces its wealth management services in the form of fixed deposits, another American giant Amazon has stepped in with their own offering in the segment. The company is set to offer deposit booking services for its customers.

Amazon Pay will partner with investment platform to provide the services. Amazon Pay's customers will be able to invest in mutual funds and fixed deposits.

According to a statement released by the company, “Kuvera will provide its services, products and technology know-how to create an exclusive experience for Amazon Pay's users to facilitate investments into mutual funds, fixed deposits, and more over time."

A similar arrangement has been made between Google Pay and Equitas Small Finance Bank for allowing its users to book deposits. However, the details were not entirely clear. by using this service, Google Pay users will be able to open fixed deposits without opening a bank account. 

RBI is reportedly looking into the partnership between Google Pay and Equitas Small Finance Bank as the central bank is trying to figure out the long term effects of the American tech giant's entry in this new wealth management space. 

In the month of July, in its half-yearly Financial Stability Report, RBI had made it clear that its is wary of 'Big Tech' firms like Google, Amazon, Facebook, Apple and Microsoft, and flagged it as among the risk factors for financial stability.

“At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering," Amazon Pay India's director Vikas Bansal was quoted as saying in the statement.

The statement said only 30-40 million of the 600 million internet users in India have access to quality investment products.

“Through this arrangement with Amazon Pay India, we seek to add value to the investors' journey. Our goal is to accelerate the democratisation of investing and wealth management in India," Kuvera's founder and chief executive Gaurav Rastogi said.

According to Kuvera's statement, the company has over 10 lakh users and 28,000 crore in assets under advice since starting in 2017.

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