Competitor Profile: Amazon Pay 2024

Competitor Profile: Amazon Pay 2024

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 their Amazon Pay balance and use it 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 via Amazon Pay.

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

Scope

• In 2007, Amazon Pay launched as Pay with Amazon. Rebranded as Amazon Pay in 2017.
• In July 2017, Amazon Pay launched Amazon Pay Places, enabling users to make in-store payments using the Amazon app in the US.
• In April 2019, Amazon Pay launched P2P money transfers, allowing Android users in India to transfer money to anyone using the UPI platform via the Amazon app.
• In November 2021, Amazon Pay partnered with travel and hotel booking platform MakeMyTrip to offer travel booking services on Amazon.in and allow payments via Amazon Pay.
• In April 2024, Amazon Pay partnered with payment services provider Stripe, enabling merchants to accept payments via Amazon Pay on the Stripe platform.

Reasons to Buy

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