Amazon Pay, the payment arm of the e-commerce giant Amazon, is considering expanding its collaborations with additional banks and card networks. Vikas Bansal, Whole-Time Director of Amazon Pay, said the remarks were made when asked about the possibility of introducing a RuPay version of the Amazon Pay-ICICI Bank credit card.
The co-branded credit card, Amazon Pay, was launched in October 2018 by ICICI Bank, and utilizes Visa as the card network. The company said it has more than four million customers using this co-branded credit card.
In July, the Reserve Bank of India issued draft guidelines requiring all credit, debit, and prepaid card issuers to offer eligible customers the option to choose from multiple card networks. One of the RBI's main objectives is to put an end to exclusive arrangements between card issuers and networks. Bansal, 27, said: There has been no improvement in the economy in the past few years.
Amazon Pay has launched various payment products such as Amazon Pay UPI, Amazon Pay Wallet, and Amazon Pay Later.