Amazon Pay - Competitor Profile

Amazon Pay - Competitor Profile

Summary

Amazon Pay was launched in 2007 as Pay with Amazon, before being rebranded to its current name in 2017. The solution enables users to pay for purchases on third-party partner merchant websites and apps using payment methods saved on the user’s Amazon profile. In the US, Amazon Pay accepts credit and debit cards from major scheme providers including Visa, Mastercard, Discover, American Express, Diners Club, and JCB. In India, users can add funds to the Amazon Pay service and use the balance to make payments at merchants, as well as for bill payments.

In addition to in-store and online payments, Amazon Pay provides credit cards and loan facilities. In October 2018, Amazon partnered with ICICI Bank to introduce a Visa-branded credit card for Amazon customers. In June 2020, Amazon launched Smart Stores in India, enabling merchants to create a digital storefront. The service enables customers to scan a store’s QR code via the Amazon app to explore the products available within the store. Customers can select the desired products and complete purchases by making payments through Amazon Pay. In April 2021, the Amazon Pay for Business app was introduced in India, enabling SMEs to accept digital payments via Amazon Pay QR codes. Customers can initiate payments by scanning the QR code via any Unified Payments Interface (UPI)-based payment app. In April 2022, Amazon introduced the Buy with Prime feature for Amazon Prime members, allowing merchants to offer Buy with Prime functionality on their own ecommerce sites. Amazon Prime subscribers can buy the product from the merchant’s website by selecting Buy with Prime and making a payment using Amazon Pay.

The report provides information and insights into Amazon Pay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its revenue model and Merchant registration process
• The company's important events and milestones

• In 2007, Amazon Pay launched as Pay with Amazon. Rebranded as Amazon Pay in 2017.
• In January 2019, Amazon Pay launched Amazon Pay for SMEs, enabling them to accept in-store payments through Amazon Pay.
• In April 2020, Amazon Pay added several new payment card management features to its ACI Issuer solution.
• In September 2021, Amazon Pay partnered with online wealth management services provider Kuvera to offer wealth management services on its platform in India.
• In May 2022, Amazon Pay partnered with India-based RBL Bank to offer UPI payment solution to Amazon Web Services customers in India.

• Gain insights into Amazon Pay business operations and key events.
• Gain insights into its product portfolio and performance highlights.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.