Retail giant Amazon India said over 100 million people have signed up on its payments arm Amazon Pay till date since its launch in 2019.
Amazon Pay is among the top 10 most used unified payments methods in India, sitting at the 6th position behind Axis Bank apps. The payments arm has processed transactions worth Rs 7,995.92 crore as of July 2024, according to NPCI UPI ecosystem data.
The announcement comes amid reports from TechCrunch saying that Amazon plans to launch a separate app for its payment service. Flipkart had recently taken similar steps and launched a separate app for UPI payments.
Amazon Pay is integrated within the Amazon.in app and across various external platforms. The service is particularly popular in Tier II and Tier III cities, with the 18-24 age group leading its adoption, the company said.
“UPI has revolutionized the way customers transact online and we see a vast, untapped potential within the UPI ecosystem, including opportunities in wallet-on-UPI and credit line on UPI. We are humbled and proud that 100M customers have chosen Amazon Pay UPI as their preferred choice of online payment experience.” Vikas Bansal, CEO, Amazon Pay India, said.
Amazon has strategically expanded its Amazon Pay services in India, making the country a crucial testing ground for its digital payment innovations.
Since launching Amazon Pay UPI in 2019, the company has added features like bill payments, utility payments, and bookings for travel and entertainment, which have become significant revenue sources. Despite facing stiff competition from Google Pay and PhonePe, Amazon Pay UPI has amassed 100 million users, though it ranks sixth in transaction volume.
India’s high digital payment penetration offers Amazon a unique opportunity to develop and scale payment products that surpass its operations in other markets like the US and the UK, where Amazon Pay is limited to B2B services.
Additionally, Amazon has ventured into financial services in India by partnering with investment startups and investing in insurance company Acko, further diversifying its offerings in the Indian market.
