India is one of the fastest growing economies in the world. As the second most populous country, India is a vast market for any business that wants to take advantage of the opportunity. One business that is already a major player in the Indian marketplace is Amazon. Right now, Amazon has significant investments in the Indian marketplace. The company has made significant inroads in the area of eCommerce, and Amazon is aggressively marketing its smart speaker technology in the region. Amazon is also getting into the insurance business in India.
One area that Amazon is now making significant investment in is digital payments. The popularity of these types of transactions is growing rapidly throughout India. Mobile payments now account for almost 30 percent of the payments made in India. The number of payments made by cash, check and credit card are falling substantially. Amazon wants to get in on the mobile payments market using Amazon Pay. The company is making an $80 million investment is rolling out this technology to Indian consumers.
Companies such as Paytm already have a large share of the mobile payments market in India. Amazon is moving quickly to make sure that it gets a big share of this growing business too. In order to get more Amazon Pay users, Amazon has made it possible for customers in India to pay their utility bills using Amazon Pay. Indian consumers can also order food items and pay through Amazon Pay at this time. Amazon is also allowing users to get a credit line of up to $800 so that they can have the resources to buy more expensive and big ticket items. Amazon believes that by offering this credit option they can obtain at least 70 million new Amazon Pay users in India.
Amazon has stated that it will continue to offer incentives for people to use the Amazon Pay service in India. Over the course of the next few years, Amazon hopes to make billions in this emerging market.