Amazon Eyes Standalone App for Amazon Pay in India
Amazon is considering spinning off its Amazon Pay service into a separate app in India. The move aims to boost the platform’s visibility and usage, according to sources familiar with the matter.
Currently integrated into Amazon’s main shopping app, Amazon Pay offers a range of financial services including peer-to-peer transfers, bill payments, insurance, investments, and travel bookings. The company has been exploring the possibility of a standalone app for about a year and is reportedly seeking regulatory approval.
Some within Amazon believe that Amazon Pay is overshadowed by the core e-commerce business. A dedicated app could enhance its profile and attract a wider user base. However, the company is facing multiple challenges in India and the plans could change.
Amazon Pay currently holds a modest 0.5% market share in India’s digital payments landscape, trailing far behind leaders PhonePe and Google Pay.
This potential shift mirrors industry trends as companies reassess their superapp strategies in the Indian market. Flipkart recently consolidated its fintech offerings, following a similar move by PhonePe.
