Ecommerce giant Amazon has launched a new feature for its digital payments app Amazon Pay, which will allow the customers to make their credit card payments through internet banking or unified payments interface (UPI).
Confirming the development, Amazon spokesperson said, “As part of our commitment to our customers, we are constantly innovating and creating new experiences to make digital payments seamless across a variety of use cases.”
Other digital platforms Paytm and PhonePe too offer this credit card repayment survive on their platforms. Meanwhile, Kunal Shah’s Cred offers exclusive rewards for paying your credit card bill in a timely manner.
Besides credit card repayment services, several companies have also started offering their co-branded credit cards in collaboration with banks and institutional services. Amazon Pay too offers a co-branded credit card in collaboration with ICICI Bank. The card offers rewards and earnings for every purchase, both on and off Amazon.in, in the form of Amazon Pay balance.
Rival Flipkart’s parent Walmart and Snapdeal too offer such co-branded credit cards. Walmart had partnered with HDFC Bank to launch a co-branded credit card exclusively for members of its Best Price Modern Wholesale “B2B Cash and Carry” stores, in 2019. However, the company shut down its operations in India after the reverse acquisition by Flipkart.
The development of Amazon launching a new feature for its digital payments app Amazon Paywas first reported by Entrackr.
Snapdeal also launched its co-branded ecommerce credit card, back in 2015, jointly with the private sector bank HDFC Bank in partnership with VISA. The card is available for non-bank customers as well.
Besides this, even Indian food delivery unicorn Zomato stepped into this space last year after partnering with RBL Bank to launch two co-branded credit cards, Edition Classic and Edition Card, for Zomato users. The Edition and Edition Classic cards can be used just like regular bank-issued credit cards to make payments online or offline.
Edition Classic Card also offers complimentary lounge access, and users can get 5% cash bank in Zomato wallet for payments made through the food delivery platform or at its partner restaurants. Besides this, users can also get 1.5% Edition Classic Cash cashback for online transactions, 1% on offline transactions and 2000 bonus Edition Classic Cash for spending over INR 2 Lakh.