Amazon Pay, which has a modest market share of 0.6%, aims to expand its services after its recent RBI payment aggregator license. | Photo credit: Francis Mascarenhas/Reuters
The Electronic Commerce Commander Amazon has injected ₹ 350 million rupees at Amazon Pay India, since his Fintech arm prepares for intense competition with the best players like Phonepe and Google Pay.
Amazon Pay India has assigned capital shares of 3.5 million rupees to its matrices entities, showed Amazon Corporate Holdings Private Limited and Amazon.com, through a rights problem, regulatory presentations with the companion registrar (ROC) showed.
This occurs after Amazon has infused ₹ 300 million rupees in November 2024 and an infusion of ₹ 600 million rupees in June 2024.
The competition in space is intensified as Flipkart’s Fintech application, Super. The money is also expanding and is looking to raise funds.
According to the latest data from NPCI, Phone and Google Pay continue to dominate the UPI ecosystem, collectively representing almost 85 percent of the market. In contrast, Amazon Pay has a modest part of around 0.6 percent.
In February 2024, Amazon Pay assured a payment aggregator license (PA) of the Bank of the Reserve of India, strengthening its position in commercial payments. This regulatory approach is based on its previous license for a prepaid payment instrument (PPI), racing the way for wider Fintech offers.
Amazon Pay offers a range of services, from UPI transfers and bills to insurance premium payments, while competing with players established in the market. He has also expanded his ecosystem through strategic alliances with platforms such as Bookmyshow, Makemytrip, Redbus, Irctc and Kvera, which allows him to branch into travel reserves, entertainment and heritage management.
Financial, Amazon Pay India registered a 9.22% increase in operational income for fiscal year24, reaching ₹ 2,286 million rupees, compared to ₹ 2,093 million rupees in the 2013 fiscal year. Notable, also reduced its losses by 39%, reducing them to ₹ 911 million rupees compared to ₹ 1,499 million rupees the previous year.
Posted on April 25, 2025