loading
loading
With an eye on expanding its financial services offerings, Amazon Pay is now reportedly doubling down on insurance in India. Speaking with Reuters, Amazon Pay India CEO Vikas Bansal said that the company is expanding its insurance offerings to include travel insurance and other products. As per Bansal, the expansion plans are reportedly part of Amazon Pay’s strategy to evolve from a mere payments processor to a broader financial service platform comprising credit, insurance and savings and investment products. “Obviously travel...there could be others in the future as well," Bansal reportedly added when asked if the company plans to launch other insurance products in the future. This comes barely a day after Amazon Pay partnered with HDFC ERGO to foray into the health insurance space. “Health is our next frontier,” Bansal reportedly said, adding that health insurance is an important area for expansion as a relatively small proportion of Indians have personal health insurance. It is pertinent to note that Amazon first entered the insurance distribution business in 2020, when it partnered with ACKO General Insurance to offer car and two-wheeler insurance. The ecommerce giant’s fintech arm operates as a registered corporate agent, allowing it to distribute insurance products from licenced insurers. Since then, Amazon Pay has onboarded HDFC ERGO and ICICI Lombard to offer vehicle insurance. Amazon's insurance push is part of a broader effort to build out its financial services stack in India. As of now, the fintech platform allows users to transfer money, pay bills, buy insurance, travel tickets, invest in mutual funds and purchase digital gold. But it is diversifying. Earlier this year, Amazon Pay partnered with multiple non-banking financial companies (NBFCs) and small finance banks to roll out pan-India fixed deposit (FD) service. At the recently concluded Global Fintech Fest 2026, Amazon Pay also partnered with Kotak Mahindra Bank to launch a co-branded credit card for small businesses registered on Amazon Business, the company’s dedicated B2B marketplace. On the financial front, Amazon Pay India reported an operating revenue of ₹2,097 Cr in FY25, down 8.3% from ₹2,287 Cr in the year-ago fiscal. Meanwhile, net losses declined a mere 5% to ₹866 Cr from ₹911 Cr in FY24.
document fetched 2026-09-12 02:59 · canonical https://inc42.com/buzz/amazon-pay-to-double-down-on-insurance-with-new-offerings