A price to pay for a separate Amazon Pay

IN FOCUS

In today’s newsletter, we look at:

• Amazon’s potential gains from a separate payments app in India
• The fintech opportunities in Qatar and the Middle East

Welcome to The Top Up! Delivered every fortnight via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. Get it in your email inbox by registering here.

Hello,

When it comes to consumer apps, the idiom “the more the merrier” rings true for me. When a new player introduces a ride-hailing app, I’m usually quick to jump on board. This is mostly because of the launch promos companies offer to attract more users.

Rolling out a new offering is something Amazon is mulling in India. The ecommerce giant may launch a standalone payments app in the country. This move could better position it to challenge Google Pay and PhonePe, which have a combined market share of 85%.

Amazon India has an ace up its sleeve: its reach. The company says it already has 100 million Unified Payments Interface users. It also has 50 million wallet customers and 5 million Amazon Pay – ICICI Bank card holders.

The ultimate goal? To build a financial powerhouse offering not only payments but also loans, insurance, and possibly other products. However, Amazon still has a lot to consider. My colleague Samreen explores these in her analysis.

In this edition’s Hot Take, I take a look at US payment firm Yuno’s launch in Qatar – a market looking to attract more foreign entrants.

— Miguel

THE BIG STORY

Going solo could give Amazon Pay the edge in India

Image credit: Timmy Loen

Following the acquisition of Axio, Amazon is exploring launching a standalone payments app in India this year.

THE HOT TAKE

Qatar’s fintech pull

Shaping the future of business and policy in Asia