Amazon Pay India Bets Big in Digital Payment Business With ₹700 Crore Fund Infusion
9 October 2020
Amazon Pay, the financial wing of E-commerce major Amazon, received an additional investment of ₹700 crore. The funding was made by the company’s Singapore and Mauritius-based entities Amazon Corporate Holdings Pvt Ltd and Amazon.com. Inc Ltd. With the latest infusion, Amazon Pay India has raised ₹5055 crore since its inspection in 2016.
Jef Bezos-led company has been at the centre of India’s retail space. The infusion will now help Amazon to strengthen its position in India’s online payment vertical which has players like Google Pay, Paytm and PhonePe.Cashless services has become popular especially after the lockdown came into eàffect and Amazon pay is constantly evolving by introducing new features.
The funding came just ahead of the festive season and would help Amazon to woo customers in a time when most companies would be declaring competitive festive offers. Amazon Pay provides the option to its customer base to pay for their purchases in its own website as well as allows them to pay in external merchant websites .
The retail giant recently partnered with IRCTC- Indian Railway Catering and Tourism Corporation to offer train ticket booking services directly from Amazon.in. Amazon will have to continue its aggressive effort to establish itself in the payment business in India which has become a platform for global battle.
