Amazon has widened its financial services offering in Amazon Pay to include motor insurance and digital gold as it takes on rivals such as Paytm, Google Pay, PhonePe and Freecharge.

In 2017, Amazon India had secured the Reserve Bank of India’s (RBI) approval to operate pre-paid payment instruments (PPI) or a mobile wallet in the country.

Earlier in December 2016, Amazon had launched its Pay Balance service. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on its platform.

Since then it has enlarged its offering to not only enable individuals to add money to their account, recharge their mobile & DTH services, pay utility bills, make LPG cylinder payments, insurance premium and municipal tax among others. Customers can also book flight tickets, check EMI options on their debit and credit cards before making a purchase.

The e-commerce giant has now gone a step further by including motor insurance and digital gold as well.

The digital gold facility launched last month helps people buy and gold in a ‘hassle free, convenient manner’. People can buy gold starting from Rs 5 and without any KYC, they can buy up to 2 gram.

Amazon has partnered SafeGold (Digitial Gold India Pvt Ltd) to enable the digital gold platform. It would allow individuals to buy, sell and take delivery of 24 carat physical gold, at low ticket sizes, with the click of a button. Digital Gold India is an institutionally backed company, primarily owned by Invent Advisors.

Customers can buy auto insurance on the Amazon Pay page, Amazon app or mobile website and they can get a quote for their car or bike’s insurance by providing basic details.

In this paperless insurance plan, customers can get claims with zero paperwork, one-hour pick-up, and three-day assured claim servicing and one-year repair warranty in select cities.