Amazon Pay allows users to invest in digital gold
It has partnered with SafeGold for this offering and will allow users to buy digital gold for as little as Rs 5, the e-commerce major said. Amazon Pay, the financial services arm of e-commerce behemoth, Amazon India launched its digital gold investment feature, 'Gold Vault', for users.
It has partnered with SafeGold for this offering and will allow users to buy digital gold for as little as Rs 5, the ecommerce major said. With this, Amazon Pay, now competes with other digital payment firms including, Paytm, PhonePe, Google Pay, MobiKwik, Axis Bankowned Freecharge and the likes of others, which have also been ramping their digital gold offerings. "We believe in innovating on behalf of our customers to create newer experiences for them. As part of this commitment, we are constantly evaluating new areas and opportunities to connect with and serve our customers. This has led to Amazon Pay launching digital gold services in partnership with Safegold," said an Amazon spokesperson.
Through this offering, Amazon customers will also have the freedom to buy and sell the amount of gold at any time with competitive pricing and without any hassle of renting a locker for safety.
Recently, it was reported that during the lockdown, payment firms were pushing their digital gold offerings, to boost transactions on their platform, and leveraged festivities around Akshaya Tritiya, to enable users to buy digital gold. Lately, Amazon Pay has been ramping up its financial services offering in the market. It partnered with insurtech platform, Acko General Insurance Ltd to offer insurance for two-as well as four-wheelers, in the market.While Amazon faces tough competition from Google Pay, even messaging giant WhatsApp has been eyeing opportunities at the Indian financial services market. However, it is still slated to receive approval for its payment service WhatsApp Pay, which it has been running in closed-pilots for almost two years.
Amazon Pay, in collaboration with Acko General Insurance, is now offering insurance plans for two and four-wheeler vehicles in India. With this development, Amazon has marked its entry into the vehicle insurance space in the country. The company claims that with the Amazon car and bike insurance policy, customers can purchase an insurance plan in less than two minutes "with no paperwork." Amazon Prime members can avail extra benefits including additional discounts and more. Of course, everyone is advised to read to the Terms and Conditions before purchasing any insurance plan. Customers with Amazon auto insurance will enjoy services like hassle-free claims with zero paperwork, one-hour pick-up, threeday assured claim servicing, and a year's repair warranty in select cities, the company explained in a blog post. Amazon customers will also get an option for instant cash settlements for low-value claims, the post added.
Users can find the insurance section user the Amazon Pay page or by simply searching car and bike insurance in the search bar. It is important to note that service is only available for Amazon mobile app for Android and iOS, or the mobile website. Notably, Prime members can avail a discount of Rs. 249 on insurance plans with a premium amount less than Rs. 5,000. On premium amounts between Rs. 5,000 to Rs. 10,000, Prime customers can get a discount of Rs. 499. Similarly, insurance plans that include a premium of Rs. 10,001 to Rs. 15,000, and more than Rs. 15,000, customers will receive a discount of Rs. 749 and Rs. 999, respectively. Two and four-wheeler owners can select multiple add-ons like zerodepreciation, engine protection, and more. Payment can be made using Amazon Pay balance, UPI, or debit/ credit card. After purchasing Amazon auto insurance, the policy will be emailed within two minutes and can also be downloaded from Your Orders page. Speaking more about the Amazon car and bike insurance in India, Acko General Insurance CEO Varun Dua said, "We are happy to partner with Amazon Pay to offer an auto insurance proposition that has been designed with the customer at the centre. Through this product, we aim to deliver a superior consumer experience right from purchase to claims by making it more affordable, accessible and seamless."