Amazon pay, the arm of Amazon.com that specializes in digital payments, claims it has empowered over 5 million neighbourhood stores and businesses with its digital payments infrastructure.
Small and medium scale businesses that deal with cash transactions will be able to switch to digital payments using Amazon Pay's QR (quick response) code.
"Small and medium businesses are the backbone of our nation's economy. By enabling more than 50 lakh (5 million) small business owners and entrepreneurs to accept digital payments, we are expediting their inclusion into digital India. The Amazon Pay For Business app will further catalyze this adoption and enable merchants to enter the digital payments ecosystem in minutes." Mahendra Nerurkar, CEO, Amazon Pay India.
This feat was made know by Amazon's senior vice president, Russell Grandinetti, in conversation with Nandan Nilekani, founding architect of Aadhaar and co-founder of Infosys, at Amazon's flagship event Smbhav.
The launch of the "Amazon Pay For Business" mobile app by Amazon Pay will simplify accepting digital payments for SMBs. The app is currently available on Android and can be used by businesses across the country to register themselves, generate a unique QR code and start accepting digital payments within minutes.
Customers can use any UPI app to scan the Amazon QR code and pay these businesses.
Digital payments are becoming more popular in India. According to a report by Credit Suisse, transactions using digital payments is projected to reach $1 trillion in 2023, led by growth in mobile payments.