Amazon Pay India Receives Rs 600 Crore New Funding

Amazon Pay India has just received a massive influx of Rs 600 crore in fresh capital investment, a significant boost to its already impressive growth trajectory.

This funding is a testament to Amazon's commitment to the Indian market and its vision for a digital payments ecosystem that is secure, reliable, and convenient.

The Rs 600 crore investment will undoubtedly be put to good use, fueling Amazon Pay India's expansion plans and enabling it to reach even more customers across the country.

With this new funding, Amazon Pay India is poised to take its services to the next level, providing users with even more innovative payment solutions and a seamless experience.

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Amazon has infused Rs 600 crore (approximately $72 million) into its Indian fintech arm, Amazon Pay India, as it steps up competition with rivals such as Paytm, PhonePe, and Google Pay.

This is Amazon's second significant investment in Amazon Pay India this year, following a Rs 350 crore infusion in February, according to regulatory filings with the Registrar of Companies (RoC).

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Amazon Pay India competes vigorously with Paytm, PhonePe, and Google Pay in services like bill payments, unified payments interface (UPI) payments, and other financial offerings.

As of May 31, Amazon Pay India reported 67.5 million prepaid wallets and recorded 623 million transactions, amounting to over Rs 211 crore in May alone, according to RBI data.

Amazon has allocated nearly Rs 2,500 crore in 2024 to Amazon Seller Services, which operates its e-commerce marketplace in India.

Amazon Pay ranked as India's fifth-largest UPI player by transaction volume in May, trailing behind PhonePe, Google Pay, and Paytm, with less than 1% market share, according to NPCI data.

Amazon has committed a total of Rs 950 crore to Amazon Pay India, with Rs 350 crore previously invested in February, underscoring Amazon’s dedication to growing its payments platform amid fierce competition.

The Indian digital payment domain is projected to see significant growth in the coming years, with a total transaction value of $254.6 billion in 2024, and a potential surge to $394.4 billion by 2028, representing a compound annual growth rate (CAGR) of 11.6% from 2024 to 2028.

Here are some key statistics about Amazon Pay India's growth: