Payments space heats up as Amazon says 5 mn businesses using Amazon Pay

The e-commerce major has also launched the 'Amazon Pay For Business' app for small and medium businesses to enable seamless acceptance of digital payments.

Amazon Pay, the digital payments of the e-commerce giant Amazon.com, said it has empowered over 5 million neighbourhood stores and businesses with its digital payments infrastructure. These SMBs (small and medium businesses), most of whom earlier transacted only in cash, can now accept payments from their customers using Amazon Pay’s QR (quick response) code.

This milestone was revealed 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.

Amazon is wanting to tap multiple opportunities ranging from insurance to credit via Amazon Pay. The firm