Amazon is considering spinning off Amazon Pay as a standalone app to gain a larger market share in the highly competitive Indian e-commerce market.
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TechCrunch reported the move to decouple Amazon Pay from the tech giant’s e-commerce app in India, citing three anonymous sources.
Amazon executives are reportedly convinced that a separate app with a single focus could help the payments platform gain greater recognition in the country.
Amazon Pay ranks sixth among apps on Unified Payments Interface, a payment network that is the most popular method of online commerce in India. In July, Amazon Pay processed about 72.4 million transactions, according to official data, which is about 0.5 percent of all transactions on the network. These numbers pale in comparison to Walmart’s PhonePe, which processed 6.9 billion transactions, and Google Pay, which processed 5.3 billion.
Google launched its Wallet app in India in May last year, but unlike other countries, it retained Google Pay as a standalone payment option for NFC and UPI payments.
Sources told TechCrunch that Amazon has already approached the National Payments Corporation of India to seek its approval.
