A Decade And $1 Bn Later, Can Amazon Pay Turn Scale Into Fintech Dominance?

Amazon Pay has evolved from a checkout tool into a broader financial platform that spans UPI, credit cards, BNPL, insurance, lending and now fixed deposits

Rather than chasing rapid market share, Amazon is embedding financial services deeply within its shopping ecosystem to drive retention and long-term customer value

The acquisition of Axio and the FD launch signal a stronger push into regulated financial services, positioning Amazon Pay for deeper play in credit and savings

Added to Saved Stories in Login VIEW SAVED STORIES .inc42-toggle-item-popup { display: none; position: relative; } .toggle-item-close { text-align: end; padding: 8px 12px 0px 10px; position: absolute; right: 0; cursor: pointer; } .toggle-items-content-main { display: block; position: relative; top: 27px; left: -204px; border-radius: 12px; background: #FFF; box-shadow: 0px 4px 24px 0px rgba(100, 100, 100, 0.25); width: 435px; height: 115px; } .toggle-items-content { display: flex; align-items: baseline; justify-content: center; padding-top: 22px; } .toggle-items-content .items-content-text .h4-saved-story{ color: #000; font-size: 20px; font-style: normal; font-weight: 700; line-height: normal; text-transform: capitalize; margin: 2px 0 10px 6px; } .toggle-items-content .items-content-text .myInc42-plus-dark { width: 100px !important; } .toggle-items-content .items-content-text .myInc42-light { width: 80px !important; } .toggle-items-content .items-content-text img{ height: 22px; } .view-my-feed-btn { width: 100%; text-align: center; display: flex; justify-content: center; } .view-my-feed-btn a { width: auto !important; } .view-my-feed-btn button { border-radius: 4px; background: linear-gradient(180deg, #DA1B4D 0%, #E23026 100%); color: #fff; font-size: 12px; display: inline-block !important; min-width: 162px; width: 162px !important; height: 34px !important; font-style: normal; font-weight: 700; line-height: normal; padding: 10px; cursor: pointer; } .CustomIconStyled { position: absolute; right: 180px; top: -80px; } .SubDropdownModelShare .sub-arrow-icon { width: 76px; height: 80px; position: relative; overflow: hidden; box-shadow: none; } @media (max-width:767px) { .toggle-items-content .items-content-text .h4-saved-story{ margin: 4px 0 10px 6px; font-size: 18px; } .toggle-items-content { align-items: center; } }

More than a decade after entering India as an ecommerce marketplace, Amazon is steadily stitching together a full-stack fintech play through Amazon Pay, spanning UPI, credit, BNPL, insurance and now fixed deposits. However, the road has been both long and delayed. Seattle-headquartered ecommerce giant Amazon entered India in June 2013 with ecommerce. Today, it offers almost everything under the sun. What’s more audacious is its bid to dominate India’s fintech ecosystem with a flurry of offerings, including UPI, credit cards, buy-now-pay-later (BNPL) services and even fixed deposits (FDs). 

A quick recap: The ecommerce major launched Amazon Pay India in 2016 to facilitate faster payments on its platform and reduce reliance on cash-on-delivery (COD). However, it was only in February 2019 that the ecommerce giant entered UPI in partnership with Axis Bank.

Today, Amazon Pay positions itself as a full-stack financial companion. It even operates its own non-banking financial company........

© Inc42