Global retail giant Amazon’s Amazon Pay will be distributing the wealth management services in India which is the first wealth management tie-up for Amazon anywhere in the world.
Its wholly-owned subsidiary Amazon Pay has tied up with homegrown investment advisory services startup Kuvera to offer wealth management services to 50 million customers in India. Over the years, Amazon Pay has expanded its business in the payments and credit space in the country.
The move by Amazon Pay to offer wealth management services comes within days of a similar one by Google Pay to offer fixed deposits to its customers in India.
Industry observers say that these two moves by the two global giants strongly indicate the changing landscape in the Indian financial services space where the sheer size of the market – is attracting the best and the biggest in the world to have a bridgehead.
As per Vikas Bansal, Amazon Pay India director said that the company’s vision is to simplify lives by fulfilling the financial needs of every customer.
Owned by Arevuk Advisory Services, Kuvera is a Sebi-registered adviser that provides online financial services and that has been one of the first tech-enabled platforms. More than one million customers have used its platform.
Kuvera founder and CEO Gaurav Rastogi once an Amazon Pay user logs into the app, a wealth management icon will appear on the screen. Once the user clicks on the icon, the further process will be handled by Kuvera’s platform.
Under the current arrangement, Amazon Pay will distribute wealth management services of Kuvera which will execute and manage customers’ money.
