Online store Amazon has invested Rs 450 crore in its digital payments arm Amazon Pay (India). The investment would assist the Seattle-primarily based organization tap India’s booming digital payments market and compete with Walmart-owned PhonePe, Alibaba-backed Paytm, and Google’s mobile payment service Google Pay.
The investment came from Singapore-based Amazon company and Mauritius-based entity Amazon.com, according to regulatory documents filed by using Amazon, which were sourced from commercial enterprise intelligence platform Tofler.
Amazon Pay were given the capital infusion on June 6 by offering 45 crore equity stocks.
This month, Amazon stepped up its funding in India and pumped in Rs 2,800 crore into its market. The clean investment comes at a time when the company has signed off from China.
In December last year, Amazon invested Rs 2,two hundred crore into its Indian entity.
The digital payments area in India is anticipated to upward thrust fivefold to reach $1 trillion through 2023, and it would be led by using the growth in mobile payments, in keeping with a document via economic services agency credit score Suisse.
In April this year, Amazon Pay today announced the launch of person-to-person (P2P) bills for Android users. Amazon clients could make instant bank-to-bank transfers the usage of Unified payments Interface (UPI) platform at the Amazon app. clients can use this functionality to settle payments and prices with friends, lend and return money to family. They can also pay rents, pay for offerings like house-help, newspaper bills and milk subscription.
customers can also make bills from their bank account to local stores nearby or to Amazon delivery associate at doorstep by using scanning UPI QR codes the use of the Amazon app. built on the government of India backed UPI platform, Amazon said customers can send or receive P2P bills through simply choosing a contact from their phone contact book or entering UPI identity or bank account of the recipient.
In may this year, Amazon.in announced the release of domestic flight bookings. customers can find the flights icon on the Amazon Pay page within the Amazon mobile app and on the website. This launch allows customers to book their domestic flight tickets similarly to shopping, money transfers, software bill payments, cell recharges – all in one unmarried app.