Amazon is reportedly considering the launch of a standalone app for its Amazon Pay service in India, a move aimed at increasing the platform’s visibility and usage in the country. Currently integrated within Amazon’s main e-commerce app, Amazon Pay allows users to perform various financial transactions, including transferring money, paying bills, purchasing insurance and travel tickets, and investing in mutual funds and digital gold.
The idea of separating Amazon Pay from the e-commerce app has been under consideration for about a year, with plans to move forward in the coming months, according to sources familiar with the matter. The company has already approached the National Payments Corporation of India (NPCI) for approval. Some executives believe that the current integration within the main app doesn’t provide Amazon Pay with sufficient attention, and a dedicated app could enhance its recognition and adoption among users.
Despite these plans, the discussions are still confidential and ongoing, and there’s a possibility that Amazon might decide against proceeding with the standalone app. The company is dealing with various other challenges in the Indian market, which could influence its final decision. An Amazon spokesperson declined to comment on the matter, dismissing the news as speculation.
Amazon Pay currently ranks sixth among apps on the Unified Payments Interface (UPI) in India, processing approximately 72.4 million transactions in July, which represents about 0.5% of all UPI transactions. In contrast, Walmart’s PhonePe and Google Pay dominate the market, with 6.9 billion and 5.3 billion transactions, respectively, during the same period.
Featured Image courtesy of The Statesman
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