Amazon infuses Rs 350 crore into India payments business amid growing competition
Amazon Pay India
, as the fintech arm looks to step up its game against leading payment companies such as PhonePe and Google Pay.
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Amazon Pay India has allotted 3.5 crore equity shares to its parent entities Amazon Corporate Holdings Private Limited and Amazon.com through a rights issue, regulatory filings with the Registrar of Companies (RoC) showed.
ET has reached out to Amazon India seeking comments.
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This investment follows a Rs 300 crore fundraising in November 2024 and a
Rs 600 crore infusion in June 2024
, reported by ET.
The move comes as rival Flipkart's fintech app, Super.money, is actively seeking fresh funding.
On January 13, ET reported
that Flipkart is in advanced talks to lead a $35-40 million funding round for Super.money, which could potentially include external investors for the first time.
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Data from the National Payments Corporation of India (NPCI) shows that Amazon Pay was the eighth-largest Unified Payments Interface (UPI) player by transaction volume in March 2025, down from the sixth position a year earlier. It currently trails PhonePe, Google Pay, Paytm, Navi, Super.money, Axis Bank, and Cred.
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According to the latest available NPCI data, PhonePe and Google Pay dominate the UPI space with a combined market share of nearly 85%, while Amazon Pay holds a market share of approximately 0.6%.
In February 2024, Amazon Pay received a payment aggregator (PA) licence from regulator Reserve Bank of India. The licence bolsters Amazon's merchant payments business, providing a major growth opportunity given its strong online shopping presence in India. The PA licence followed the company's earlier approval for a prepaid payments instrument (PPI) or wallet licence.
The company competes with other platforms to offer a variety of services, including bill payments,
UPI transactions
, and insurance premium payments.
It has also formed strategic partnerships with companies such as BookMyShow, MakeMyTrip, RedBus,
IRCTC
, and Kuvera, expanding its services to movie and travel ticketing and wealth management.
For the financial year ended March 2024, Amazon Pay India reported a 9.22% increase in operating revenue to Rs 2,286 crore (from Rs 2,093 crore in FY23). The company also reduced its losses by 39%, bringing them down to Rs 911 crore from Rs 1,499 crore the previous year.
In a significant development, last month, the Payments Council of India (PCI), an industry body representing digital payments companies, wrote to the Prime Minister's Office (PMO)
requesting the reintroduction of a merchant discount rate
(MDR) on RuPay debit cards and UPI transactions, but only for large merchants.
In a previous conversation with ET
, Vikas Bansal, CEO of Amazon Pay India, emphasised that implementing MDR for UPI transactions is crucial for smaller players to receive a fair share of the value they contribute to the payment ecosystem.
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