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June 24, 2019

Amazon pumps INR4.5bn in India payments arm

E-commerce firm Amazon has infused INR4.5bn ($64.8m) in its digital payments unit in India, reported Press Trust of India.

According to regulatory documents, the investment was made by Amazon Corporate Holdings and Amazon.com.incs Ltd.

Amazon Pay (India) secured the investment by allotting 45 crore shares, each priced at INR10.

According to media sources, Amazon’s payments business secured more than INR30bn from its parent since its launch in 2016.

Last November, Amazon invested INR2.2bn into its payments arm.

Meanwhile, Amazon Pay was in the news last month for integrating voice into e-commerce services.

This was made possible by enabling Alexa delivery notifications capability for merchants.

Recent developments in India

India is considered to be one of the most significant markets for Amazon, outside of the US.

Earlier this year, Amazon launched peer-to-peer (P2P) payments service in India.

With the service, Amazon Pay users can make instant bank-to-bank transfers on the local version of the Amazon app through the Unified Payments Interface (UPI) platform.

At present, the rivals of Amazon Pay in India include Paytm that is backed by Alibaba, Flipkart-owned PhonePe, and Google’s mobile payment platform Google Pay.

At the same time, Amazon Pay will face competition from the new WhatsApp mobile payment feature of Facebook.

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