Amazon Boosts Indian Payments Business With $72M Investment To Take On Google Pay, Walmart-Backed PhonePe: Report

Benzinga Neuro

June 27, 2024

This story was first published on the Benzinga India portal.

In a strategic move to fortify its presence in India’s thriving digital payments market, Amazon (NASDAQ:AMZN) has reportedly pumped â‚¹600 crore (approx $72 million) into its payments business in the country.

What Happened: The American e-commerce behemoth has bolstered its Indian payments business with a hefty investment of â‚¹600 crore, ET reported.

Amazon has increased its investment in the Indian payments platform to â‚¹950 crore ($113.8 million) so far this year, the report added. In February, Amazon invested â‚¹350 crore ($41.9 million) into the platform.

The retail giant has also invested nearly â‚¹2,500 crore ($299 million) in Amazon Seller Services, which operates its e-commerce marketplace in India.

See Also: Labour Ministry Asks Tamil Nadu For Explanation On Why Indian iPhone Maker Isn't Hiring Married Women

According to data from the National Payments Corporation of India (NPCI), Amazon Pay is the fifth largest UPI player in India by transaction volume in May, much behind Walmart-backed PhonePe, Google Pay, Paytm, and Cred, holding less than a 1% market share.

Why It Matters: India’s digital payments market is witnessing a rapid surge, driven by the government’s push for a digital economy and the increasing penetration of smartphones and internet connectivity. Amazon’s investment in its payments business is a strategic move to tap into this growing market and strengthen its foothold.

The investment also underscores Amazon’s continued commitment to its Indian operations. The e-commerce giant has been consistently investing in various sectors in India, including e-commerce, logistics, and now digital payments, recognizing the immense potential of the Indian market.

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Engineered by Benzinga Neuro, Edited by Utkarsh Roshan

Image Via Unsplash

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