Amazon Pay Reaches 100 Million Customers

Mumbai: Amazon Pay UPI has reached a milestone of 100 million customers, with the majority of them being in the 18-24 age group.

Amazon Pay stated that its primary use cases include mobile recharges, utility bill payments, and e-commerce transactions. Since its launch in 2019, Amazon Pay UPI has gained a strong user base from Maharashtra, Uttar Pradesh, Bihar, West Bengal, and Karnataka. Notably, digital accessibility has expanded, especially in Tier 2 and Tier 3 cities.

Vikas Bansal, CEO of Amazon Pay India, commented, "UPI has revolutionized the way customers conduct online transactions, and we see immense potential within the UPI ecosystem, including opportunities like Wallet-on-UPI and credit lines on UPI. We are proud that 100 million customers have chosen Amazon Pay as their preferred option for online payment experiences."

PhonePe’s Profit Increases

Meanwhile, PhonePe recorded a 74% increase in its revenue for the financial year 2023-24, reaching ₹5,064 crore compared to ₹2,914 crore in the previous fiscal year. The Walmart-backed firm has achieved profitability, excluding costs.

Sameer Nigam, Founder and CEO of PhonePe, said, "We believe that focusing on disciplined financial management will help us continue making progress toward profitability in our payments business, which is a unique achievement in the Indian context."

PhonePe processes over 270 million transactions daily, with an annual total payment value exceeding $1.5 trillion. Recently, the company announced the launch of a pre-approved term life insurance feature on its platform, in partnership with insurance companies. Additionally, it has introduced a credit line on UPI on its platform.