Yahoo Finance Amazon Boosts Indian Payments Business With $72M Investment To Take On Google Pay, Walmart-Backed PhonePe: Report
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 ₹600 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 ₹600 crore, ET reported.
Amazon has increased its investment in the Indian payments platform to ₹950 crore ($113.8 million) so far this year, the report added. In February, Amazon invested ₹350 crore ($41.9 million) into the platform.
The retail giant has also invested nearly ₹2,500 crore ($299 million) in Amazon Seller Services, which operates its e-commerce marketplace in India.
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.
Read Next: In Pictures: From Muhammad Ali To Tim Cook, The People That Have Stayed At The Iconic Taj
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
Image Via Unsplash
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Amazon Boosts Indian Payments Business With $72M Investment To Take On Google Pay, Walmart-Backed PhonePe: Report originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
