Amazon Pay was launched in 2007 as Pay with Amazon, before being rebranded to its current name. 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. Users can also make payments using their Amazon account balance. In India, Amazon offers the Amazon Pay balance digital wallet, enabling customers to load funds and make purchases on Amazon.in, as well as on partner merchant websites and apps.
IIn October 2017, Amazon partnered with card-processing solutions provider Clover, enabling users to make takeout orders at restaurants using the Clover POS service via the Amazon app. It also entered the in-store payments space with its launch of QR code-based in-store payments. Later, in April 2021, it launched the Amazon Pay For Business app, enabling over 5 million SMEs in India to accept in-store payments through QR codes.
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. As of July 2021, over 2 million Amazon Pay ICICI Bank credit cards have been issued. In April 2020, Amazon Pay introduced the Amazon Pay Later instant credit service. This enables users to obtain digital credit, which can be used to make purchases on the Amazon website. It also ventured into auto insurance via a partnership with ACKO General Insurance in July 2020. In September 2021, Amazon Pay partnered with online wealth management services provider Kuvera, to offer wealth management services on its platform in India.
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
– The company's important events and milestones
– In 2007, Amazon Pay was 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 January 2019, Amazon Pay launched Amazon Pay for small businesses, enabling SMEs to accept in-store payments through Amazon Pay.
– In September 2021, Amazon Pay launched version 2 of its checkout technology, allowing merchants to further streamline the checkout process by providing just a single consolidated address, payment, and consent confirmation screen.
– In April 2021, Amazon Pay Introduced Amazon Pay for Business app in India, enabling SMEs to accept digital payments via Amazon Pay QR codes. Customers can initiate payments by scanning the QR code via any UPI-based payment app.
Reasons to Buy
– Gain insights into Amazon Pay's business operations and key events.
– Gain insights into its product portfolio.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents
Table of Contents
Merchant Registration Process
Products and Services