Fintech

Amazon Pay isn’t chasing UPI anymore; it’s chasing your savings

Sohini Mitter

January 23, 2026 | 7 Min Read

With FDs on its app, Amazon Pay is evolving from a payments add-on into a multi-product fintech platform. While UPI’s scale still trails rivals, analysts say ownership of credit economics and low acquisition costs could turn Amazon Pay into a meaningful financial services player in the long term.

For years, Amazon Pay was viewed largely as a payments appendage to Amazon’s e-commerce ecosystem, essentially a convenient checkout option designed to reduce friction and boost conversion.

However, with its recent launch of fixed deposits (FDs) on the app, Amazon Pay is making a more ambitious statement: it wants to be a serious, multi-product fintech player in India, competing not just on payments but across savings, credit, and financial distribution.

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