Amazon is reportedly considering launching a standalone app for its digital payments service, Amazon Pay, in India in an effort to enhance usage and visibility. The move comes as the tech giant aims to separate Amazon Pay from its main e-commerce app, potentially boosting recognition and user engagement.
Currently, Amazon Pay offers various financial services in India, including money transfers, bill payments, insurance purchases, travel bookings, and investments in mutual funds and digital gold. These features are integrated within Amazon’s main e-commerce app, limiting visibility.
If Amazon moves forward with this plan, it could give Amazon Pay a competitive advantage in India’s rapidly expanding digital payments market. In July, Amazon Pay processed around 72.4 million transactions, comprising about 0.5% of all transactions on the Unified Payments Interface (UPI) network.
In line with industry trends, Amazon’s main competitor, Flipkart, recently consolidated its fintech offerings into a single vertical after separating from PhonePe two years ago. Amazon has reportedly reached out to the National Payments Corporation of India (NPCI) for approval, though plans are still subject to change.
This potential strategy shift reflects Amazon’s continued investment in its Indian operations. In June, the company injected Rs 600 crore (approximately $72 million) into Amazon Pay India, bringing its total investment in the payments arm to Rs 1,950 crore.
As Amazon considers launching a standalone app for Amazon Pay in India, the move could significantly impact the country’s digital payments landscape and bolster Amazon’s foothold in the market.
