Amazon Pay Eyes Travel Insurance as It Expands Financial Services in India
Amazon Pay India is considering expanding its insurance portfolio to include travel insurance and other products as it seeks to strengthen its presence in India’s broader financial-services sector. CEO Vikas Bansal said the company aims to grow beyond payments into areas such as credit, insurance, savings and investments.
The payments platform recently launched health insurance in partnership with HDFC ERGO, following its existing vehicle insurance offerings. Amazon Pay operates as a registered corporate agent, allowing it to distribute insurance products from licensed insurers. Bansal said health insurance is a key growth area as healthcare costs rise and personal health insurance coverage remains relatively limited in India.
Amazon has also remained open to further investments in the insurance sector. The company is a minority shareholder in insurer Acko and acquired Bengaluru-based non-bank lender Axio last year, expanding its access to direct lending in India. The moves highlight Amazon Pay’s broader ambition to build a diversified financial-services business in the country.
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