Amazon is looking at splitting off Amazon Pay as a standalone app in an attempt to gain a bigger market share in India's competitive e-commerce market.
The move to decouple Amazon Pay from the tech giant's e-commerce app in India has been reported by TechCrunch, citing three anonymous sources.
Executive at Amazon are said to believe that a separate app with a singular focus could help the payments platform gain wider recognition in the country.
Amazon Pay ranks sixth among apps on Unified Payments Interface, a payments network that is the most popular way Indians transact online. In July, Amazon Pay processed about 72.4 million transactions, accounting for about 0.5% of all transactions on the network, according to official data. These figures pale in comparison to Walmart’s PhonePe, which processed 6.9 billion transactions, and Google Pay, which handled 5.3 billion.
Google launched its Wallet app in India in May last year, but unlike in other countries retained Google Pay as a standalone payments options for NFC and UPI payments.
Sources told TechCrunch that Amazon has already reached out to the National Payments Corporation of India seeking its approval.