Amazon bolsters India payments business with $72 million investment in Google Pay, Walmart-backed PhonePe: report

Amazon boosts Indian payments business with $72 million investment to acquire Google Pay, Walmart-backed PhonePe: Report — Amazon strengthens Indian payments business with $72 million investment in Walmart-backed Google Pay and PhonePe: report

This story was first published on Benzinga India.

In a strategic move to strengthen its presence in India’s thriving digital payments market, Amazon (NASDAQ: AMZN) has reportedly invested ₹600 crore (approximately $72 million) in its payments business in the country.

What happened: The American e-commerce giant has bolstered its Indian payments business with a massive investment of ₹ 600 crore, ET reported.

The report added that Amazon has increased its investment in the Indian payments platform to ₹950 crore ($113.8 million) this year. In February, Amazon invested ₹350 crore ($41.9 million) in the platform.

The retail giant also invested nearly ₹2,500 crore ($299 million). Amazon Seller Serviceswhich serves the e-commerce market in India.

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Amazon Pay is the fifth largest UPI player in India in terms of transaction volume in May, significantly behind the previous year, according to data from the National Payments Corporation of India (NPCI). Walmart-supported PhonePe, Pay with Google, payAND Loanhaving less than 1% market share.

Why is this important?: India’s digital payments market is witnessing rapid growth, driven by the government’s drive to embrace a digital economy and 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 position.

The investment also underlines Amazon’s continued commitment to its India operations. The e-commerce giant has been consistently investing in various sectors in India, including e-commerce, logistics and now digital payments, recognizing the huge potential of the Indian market.

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This article Amazon boosts India payments business with $72 million investment to acquire Google Pay, Walmart-backed PhonePe: The report originally appeared on Benzinga.com