Highlight
- Amazon might launch a standalone app for Amazon Pay India
- The company is reportedly seeking approval from the NPCI
- In July, Amazon Pay processed 72.4 million transactions
Amazon might launch a standalone app for Amazon Pay India according to the report. This aims to make Amazon Pay more popular and easier to use, especially in the competitive digital payments market. Currently, Amazon Pay operates within the Amazon Shopping App that allows users to send money, pay bills, buy insurance, book travel, and invest in mutual funds and digital gold.Â
Amazon Pay App
According to a report, two sources indicate that Amazon plans to launch a standalone Amazon Pay app in the next few months. The company is reportedly seeking approval from the National Payments Corporation of India (NPCI) to proceed with this plan.
Some Amazon executives believe that Amazon Pay is not receiving sufficient prominence within the main shopping app. They hope that a dedicated app can boost the service’s popularity in India’s competitive digital payments market.
Amazon Pay Competitors
Amazon Pay faces stiff competition in India from major players like Walmart’s PhonePe and Google Pay. Recent reports show that Amazon Pay is the sixth most popular Unified Payments Interface (UPI) app.
In July, Amazon Pay processed 72.4 million transactions, accounting for just 0.5% of total UPI transactions in India. In comparison, Walmart’s PhonePe dominated the market with 6.9 billion transactions, followed by Google Pay with 5.3 billion.
Also Read: Why NPCI Seeks Biometric Authentication for UPI
Conclusion
Amazon is considering launching a standalone Amazon Pay app to gain a larger market share. This could simplify the payment process for users compared to the current integration within the shopping app. However, the company may still decide against this move.
