Amazon Pay lands Rs 700 crore funding from parent ahead of festive season
Amazon Inc. has lent a fresh investment of Rs 700 crore into Amazon Pay India Pvt Ltd ahead of the festive season. The additional funding comes from the company’s Mauritius and Singapore-based enterprises Amazon.com Inc Ltd and Amazon Corporate Holdings Pvt Ltd, respectively. With the latest infusion, the e-commerce dominator is preparing the strategy to compete with its close rivals, Paytm and Google Play.
According to company research platform Tofler, the latest investment of Rs 700 crore into Amazon Pay India sums up the total to Rs 5,055 crore made since the company was set up in 2016. The last time Amazon Pay India got an investment was back in January when the parent organization pumped in Rs 1,355 crore into the payments and finance service.
At the time when competitors such as Paytm, Google Pay, and PhonePe are decisively doubling down on their attempts to take the largest share of India’s digital payments market – and even beyond that include trading, gold loan, and insurance market – Amazon Pay is preparing to hadn out more cashbacks, discounts, and offers to users to retain them and attract new ones.
Amazon Pay is widely accepted by the Indian users, using it to pay for mobile recharges, broadband bill, electricity bill payments, postpaid bill payments, food orders, and other UPI-based transaction across the country. The use of these cashless payments increased manifold since the lockdown came into effect, owing to the safety measures associated with cash.
Amazon is also focusing on other Indian branches of its overall ecosystem. The e-commerce giant infused Rs 1,125 crores into one of its Indian ventures namely Amazon Seller Services. Amazon Seller Services are specially designed for sellers and their incentives on the e-commerce platform, mostly by giving them benefits over and above what they earn by trading on the platform.
