New Delhi, August 20: Amazon, the e-commerce giant, is reportedly considering shifting its payment service, Amazon Pay offerings in India, into a standalone app.  By creating a standalone app, it is expected that Amazon Pay to have more visibility and functionality by allowing its users to transfer money, pay bills and more. The development could position Amazon Pay competitively with other payment services like PhonePe and GPay in India.

As per a report of TechCrunch, Amazon has been considering moving Amazon Pay into a standalone app in India. The company has reportedly reached out to the National Payments Corporation of India (NPCI) for approval. The standalone app could help Amazon Pay gain wider recognition in the country. Currently, Amazon Pay reportedly ranks 6th among apps on the Unified Payments Interface (UPI) network, processing 72.4 million transactions in July, which accounts for about 0.5 percent of all UPI transactions. As per reports, PhonePe processed 6.9 billion transactions, and GPay handled 5.3 billion transactions during the same period. Zomato Block Deal: Online Food Delivery Platform Witnesses Block Deal Worth INR 5,438 Crore for 21 Crore Shares.

Amazon Pay now allows users to pay bills, transfer money, purchase insurance, travel tickets, invest in mutual funds, buy digital gold and more services. The payment service from Amazon is reportedly not getting enough attention on the e-commerce app. To address this issue, the company is expected to create a separate app solely dedicated to Amazon Pay, which could help the payment platform become well-known in the country. According to multiple reports, Amazon is planning to put more emphasis on expanding its presence in offline payments and introducing new ways to make payments. It indicates that Amazon may provide more convenience and options for customers to make payments. AI in Space: South Korea’s Space Startup TelePIX Sends Nvidia GPU-Powered Artificial Intelligence Processor for Satellites to Space.

Amazon is reportedly in discussions with NPCI.  As per a report of Times Now, the company is considering a strategic plan, but the plan could change or even be abandoned. The reason behind this consideration is that Amazon is making investments in its Indian operations. Recently, Amazon reportedly invested around INR 600 crore (approximately USD 72 million) into Amazon Pay India, bringing their total investment in the payment business to INR 1,950 crore.

(The above story first appeared on LatestLY on Aug 20, 2024 12:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).