What Amazon Pay India does

Amazon Pay India is the digital payments and financial services business of Amazon Seller Services Private Limited, a wholly-owned subsidiary of Amazon.com, Inc. (NASDAQ: AMZN), operating as an integrated business unit within the Amazon.in ecosystem. The platform offers UPI-based payments (with 110M+ users and 8.9 crore monthly transactions as of November 2024, ranking 10th in India's UPI market), a stored-balance wallet, and an expanding suite of financial products including fixed deposits (launched January 2026 at up to 8% interest via seven partner banks/NBFCs), vehicle insurance (via HDFC ERGO, ACKO, and ICICI Lombard, launched March 2026), UPI Circle for family payments on wearables (with NPCI), biometric UPI authentication, voice-enabled payments via Alexa, gift cards, and Pay Later BNPL.

The underlying technology leverages India's UPI rails in partnership with NPCI, supports biometric authentication on-device, and integrates deeply into the Amazon.in app, Amazon Pay standalone app, and merchant UPI QR infrastructure. Technical differentiation includes first-mover biometric UPI support (with over 90% opt-in among eligible users) and UPI Circle architecture that extends payment capabilities to smartwatches and wearables.

Amazon Pay India monetizes through three primary streams: payment processing and transaction fees on Amazon.in and third-party merchant UPI QR payments; affiliate/referral commissions for distributing fixed deposit products from seven partner banks and NBFCs; and corporate-agent commissions on vehicle insurance policies. Distribution is anchored to Amazon.in's 270M+ customer base, with 75% of UPI users concentrated in tier II/III cities. The unit is funded by Amazon.com, Inc., including a USD 41 million corporate injection in May 2025 and INR 350 crore earmarked within a broader INR 4,350 crore India investment announced in October 2025. CEO Vikas Bansal leads the operation, which is headquartered in Bangalore and operates with 1,001-5,000 employees.

Name

Amazon Pay India

Legal name

Amazon Seller Services Private Limited

Website

https://amazon.in

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Amazon Pay India is the digital payments and financial services arm of Amazon Seller Services Private Limited, offering UPI, wallet, fixed deposits, vehicle insurance, and Pay Later to 110M+ users within the Amazon.in ecosystem across India.

Ownership category

akta.pro rank

Product category

Digital Payments Platform

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Sales Financing (52222)

SIC

Finance Services (6199)

akta.pro primary industry

Alternative Payment Methods (APMs) & Local Rails (ACH/SEPA/UPI, etc.) (CRAFALAG)

akta.pro secondary industries

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)

Keywords

• Digital payments platform
• UPI payment service
• Mobile wallet
• Fixed deposit distribution
• Vehicle insurance distribution

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Payment Processing & Transaction Fees: Amazon Pay earns revenue from processing digital payments on Amazon.in and third-party merchant sites via UPI, wallet, and other rails. The platform handles checkout payments and benefits from the transaction flow within the Amazon ecosystem.
2. Financial Product Distribution (Fixed Deposits): Amazon Pay earns referral/commission fees by distributing fixed deposit products from partner banks and NBFCs (Shriram Finance, Bajaj Finance, Shivalik SFB, Suryoday SFB, South Indian Bank, Slice, Utkarsh SFB) through its app. Users can invest starting from ₹1,000 directly via Amazon Pay.
3. Insurance Distribution: Amazon Pay acts as a registered corporate agent for vehicle insurance (car and two-wheeler) in partnership with HDFC ERGO, ACKO, and ICICI Lombard, earning commission on policies sold to its customer base of ~280 million vehicle owners.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Amazon Pay India is a digital payments and financial services platform integrated within the Amazon India ecosystem, offering UPI payments, a digital wallet, fixed deposits (up to 8% per annum through partner banks and NBFCs), vehicle insurance, gift cards, and Buy Now Pay Later services. The platform serves over 110 million UPI users with 75% in tier II and III cities and operates as a registered corporate agent for insurance distribution and referral partner for fixed deposit products from partner financial institutions.

Product overview

Amazon Pay India operates as a multi-product fintech platform that has evolved from a payments-only service to a comprehensive financial ecosystem. The core platform includes Amazon Pay UPI (ranked 10th in India's UPI market with 110+ million users) and the Amazon Pay Wallet, which serve as the foundation for an expanding suite of financial services. These connect to value-added products including Fixed Deposits (launched January 2026 with rates up to 8% via partner banks and NBFCs), Vehicle Insurance (covering 280 million vehicle owners through HDFC ERGO, ACKO, and ICICI Lombard partnerships), and UPI Circle (family payment feature with smartwatch integration). The platform also offers Gift Cards, Pay Later BNPL services, biometric authentication, and voice-enabled payments. Strategic partnerships with NPCI, banks (South Indian Bank), small finance banks (Shivalik, Suryoday, Slice, Utkarsh), and NBFCs (Shriram Finance, Bajaj Finance) enable financial distribution without direct underwriting. The Zomato partnership extends merchant use cases for the stored-balance ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Amazon Pay UPI Unified Payments Interface (UPI) payment service allowing Indian consumers to make digital payments directly from bank accounts. Supports person-to-person transfers, merchant payments, and QR code-based transactions.
• Amazon Pay Fixed Deposits Digital fixed deposit investment service enabling users to open FDs starting from ₹1,000 through the Amazon Pay app without requiring separate savings accounts. Offers interest rates up to 8% per annum through partnerships with multiple banks and NBFCs.
• Amazon Pay Vehicle Insurance Digital vehicle insurance service offering car and two-wheeler policies through a fully digital process with access to nationwide cashless claims. Amazon Pay acts as a registered corporate agent distributing policies from HDFC ERGO, ACKO, and ICICI Lombard.
• Amazon Pay Gift Cards Digital and physical gift card offerings with personalization options including photos, artwork, and animated e-Gift cards for festive occasions.
• Amazon Pay Wallet Stored balance digital wallet enabling users to make payments, earn cashback rewards, and store funds for everyday transactions. Supports partnerships with merchants like Zomato for earning platform credits.
• Amazon Pay Pay Later Buy Now Pay Later (BNPL) financing service allowing customers to defer payments for purchases made through Amazon Pay.

Quantifiable outcome

• 90%+ biometric UPI opt-in rate among eligible users
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• HDFC ERGOcoreStrategic or Co-development Partner · 20 March 2026Amazon Pay expanded vehicle insurance services in India through partnerships with HDFC ERGO, ACKO, and ICICI Lombard, targeting ~280 million vehicle owners. HDFC ERGO provides car insurance policies with nationwide cashless claims access, available digitally through Amazon Pay.
• ACKOcoreStrategic or Co-development Partner · 20 March 2026Amazon Pay partnered with ACKO for vehicle insurance distribution, targeting two-wheeler and car owners across India. ACKO's digital-first insurance model aligns with Amazon Pay's no-physical-inspection offering for two-wheelers.
• ICICI LombardcoreStrategic or Co-development Partner · 20 March 2026Amazon Pay partnered with ICICI Lombard for vehicle insurance distribution, providing customers access to car insurance policies with cashless claims through ICICI Lombard's network of ~6,500+ garages pan-India.
• KearneyminorStrategic or Co-development Partner · 15 January 2026Amazon Pay and Kearney co-published the 'How Urban India Pays 2025' report, revealing that 90% of Indian respondents prefer digital payments for online purchases and retail digital transaction volumes surged 35% in FY25. The report positions Amazon Pay as a thought leader in India's digital payments ecosystem.
• Shriram FinancecoreStrategic or Co-development Partner · 7 January 2026Amazon Pay partnered with Shriram Finance (NBFC) to offer fixed deposit products through its platform, providing customers interest rates up to 8% per annum with minimum investments starting from ₹1,000. Shriram Finance is one of two NBFC partners in Amazon Pay's initial FD launch.
• Bajaj FinancecoreStrategic or Co-development Partner · 7 January 2026Amazon Pay partnered with Bajaj Finance (NBFC) to offer fixed deposit products through its platform. Bajaj Finance is one of the two NBFC partners in Amazon Pay's fixed deposit launch in January 2026, complementing the bank's FD offerings.
• Shivalik Small Finance BankcoreStrategic or Co-development Partner · 7 January 2026Shivalik Small Finance Bank is one of five small finance bank partners in Amazon Pay's fixed deposit launch, offering customers interest rates up to 8% per annum on deposits starting from ₹1,000.
• Suryoday Small Finance BankcoreStrategic or Co-development Partner · 7 January 2026Suryoday Small Finance Bank is one of five small finance bank partners in Amazon Pay's fixed deposit launch, offering competitive interest rates to Amazon Pay customers through the digital platform.
• South Indian BankcoreStrategic or Co-development Partner · 7 January 2026South Indian Bank is one of five banking partners in Amazon Pay's fixed deposit launch, providing customers with access to FD products with interest rates up to 8% per annum through the Amazon Pay app.
• Slice (card/fintech)coreStrategic or Co-development Partner · 7 January 2026Slice is one of five small finance bank/fintech partners in Amazon Pay's fixed deposit launch, offering customers digital FD access with competitive interest rates.
• Utkarsh Small Finance BankcoreStrategic or Co-development Partner · 7 January 2026Utkarsh Small Finance Bank is one of five small finance bank partners in Amazon Pay's fixed deposit launch, enabling customers in tier II and III cities to access FD products digitally via Amazon Pay.
• ZomatominorGTM or Marketing Partner · 22 December 2025Zomato partnered with Amazon Pay allowing users to earn Zomato Money credits (3% on weekdays, 5% on weekends) when paying for food orders using Amazon Pay Balance. The partnership aims to increase prepaid wallet usage and drive repeat orders.
• NPCI (National Payments Corporation of India)coreTechnology or Integration · 19 December 2025Amazon Pay became one of the first digital wallets to support biometric authentication on India's UPI, enabling transactions up to ₹5,000 via fingerprint or facial scan without a PIN, in partnership with NPCI.
• NPCI (National Payments Corporation of India)coreTechnology or Integration · 8 October 2025Amazon Pay introduced UPI Circle and expanded payment capabilities to smartwatches and wearables at the Global Fintech Festival in partnership with NPCI. UPI Circle enables primary UPI account holders to add family members with preset spending limits via their UPI ID or QR code.

Scale indicators6 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• PhonePe: India's largest UPI payment platform and Amazon Pay's most direct competitor. Both compete in the same UPI merchant and consumer payment space with similar product breadth (payments, wallet, financial services) and overlapping tier II/III growth strategies.
• Google Pay (GPay India): #2 UPI app in India by transaction volume. Competes directly with Amazon Pay for UPI consumer mindshare, merchant QR acceptance, and embedded financial services distribution; serves the same underbanked tier II/III demographic.
• Paytm: One of India's largest digital payments and financial services platforms with wallet, UPI, payments gateway, and consumer/personal lending products. Overlaps with Amazon Pay across wallet, UPI, fixed deposits (Paytm Payments Bank historically), insurance distribution, and BNPL.
• Mobikwik: Indian digital wallet and UPI player that, like Amazon Pay, also petitioned NPCI alongside Amazon Pay for a 30% UPI market-share cap. Competes in mobile wallet, UPI, and small-ticket lending to Indian consumers.
• Flipkart (Super.Money / Flipkart Pay): Walmart-owned e-commerce competitor with its own UPI payments arm (Super.Money). Mirrors Amazon Pay's e-commerce-embedded payments model, competing for the same online-shopper wallet and financial-services distribution.
• Razorpay: India's leading payment gateway for online merchants. Amazon Pay's API-first merchant payments (UPI QR for third parties) compete in similar merchant acceptance and payment-orchestration use cases, particularly for SMB merchants.
• CRED: Premium Indian fintech with UPI payments, bill pay, and credit-product distribution. Like Amazon Pay, CRED participated in NPCI meetings proposing a 30% market-share cap on dominant UPI players and targets similar financial-product cross-sell use cases.
• FreeCharge (Axis Bank): Indian digital wallet and UPI payments platform owned by Axis Bank. Competes with Amazon Pay in prepaid wallet, mobile recharges, bill payments, and merchant UPI acceptance for Indian consumers.

Emerging players

• Navi: Indian fintech offering UPI payments, lending, and insurance. Smaller and emerging but active in the same NPCI regulatory conversations as Amazon Pay; partial overlap on consumer UPI and financial services distribution.

Others

• NPCI / BHIM: National Payments Corporation of India operates the UPI rail and BHIM app; a partner/regulator rather than direct competitor, but the ecosystem's rules and infrastructure directly shape Amazon Pay's product roadmap and competitive position.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/AmazonIN
• Facebookfacebook.com/AmazonIN
• Instagraminstagram.com/amazondotin

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amazon Pay India