Amazon invests in Amazon Pay India, strengthening position in booming digital payment market in India.

From Nasdaq: 2024-06-28 12:00:00

Amazon has invested Rs 600 crore in Amazon Pay India to strengthen its digital payment app business in India. The Indian digital payment market is booming, expected to reach $254.6 billion by 2024 and $394.4 billion by 2028. Amazon’s total investment in Amazon Pay in India this year is Rs 950 crore, with 67.5 million prepaid wallets and 623 million transactions in May.

Amazon faces strong competition in India’s digital payment market from Paytm, Google Pay, PhonePe, and WhatsApp Pay. Google recently expanded Google Pay for Indian travelers abroad, while PhonePe offers instant money transfers and Walmart’s Flipkart launched Super.Money. WhatsApp Pay by Meta allows various payment methods on the app.

Amazon’s investment in India’s digital payment market strengthens its competitive position. The company announced a $15 billion investment and plans to build digital centers in 100 cities and villages in India. Analysts expect revenue growth of 11% in 2024, with an EPS estimate suggesting a 57.9% increase. Major competitors like Alphabet and Walmart are also making strategic moves in the Indian digital payment space.



Read more at Nasdaq: Amazon (AMZN) Infuses Fresh Capital to Boost Amazon Pay in India