Amazon India Partners with SBI for Payment, Commerce Solutions

Amazon India has partnered with SBI to target next generation of customers and small businesses. On commenting about the Memorandum of Understanding (MOU) SBI chairman Arundhati Bhattacharya said, “Amazon is a very large company in the digital commerce space. We have a very large group of customers who could benefit by getting connected with this platform. The idea of the MoU is that we can try and give customers a good experience in both buying and selling,”

She also added, “As the premier bank of the country, we are always exploring ways to fulfill the aspirations of our millions of customers. Our partnership with e-commerce platforms like Amazon would give a fillip to e-commerce in India and brings lots of value to our retail and SME customers.”

“The bank is working on ways to enrich customers’ payment experience and opening up the windows of e-commerce to its SME customers through this tie-up”, she added.

“E-commerce as an industry is at inflection point and SBI stands with all the stake holders – the retail customers, the SME clientele, the large logistics companies, others – in facilitating this defining change,” she added.

Under the signed MOU between SBI and Amazon India the partnership will facilitate frictionless payments and commerce solutions for customers and small businesses.

Amazon India vice president and country manager Amit Agarwal said, “SBI shares Amazon’s philosophy of building customer trust and investing for the long term. We have a great opportunity to work together to transform how India shops and sells.”

Sunil Srivastava, Deputy Managing Director (Corporate Strategy & New Businesses) of SBI believes that facilitating SMEs to do their business will also help secure their loan repayment.

SBI, the country’s largest lender, will also provide loans to SME customers who supply products to Amazon India to help them increase their operations.